Circle to launch a global payments and remittance network powered by USDC and EURC stablecoins
Circle, the issuer behind USDC and EURC stablecoins, is launching a new global payments system that will streamline cross-border bank transactions.
According to a press release on Apr. 21, the Circle Payments Network connects banks, fintech firms, digital wallets, and other financial institutions to enable real-time, cross-border transactions using regulated stablecoins like USD Coin (USDC) and EURC (EURC)
International payments currently involve a number of intermediaries, slow settlement times, and high fees, especially for users in emerging markets. CPN is designed to tackle the inefficiencies by combining robust compliance standards, such as KYC/AML and cybersecurity procedures, with 24/7 stablecoin settlement.
Treasury operations, onchain financial applications, payroll, remittances, and business payments are some of the many use cases that CPN supports. The system allows developers to create financial tools and workflows directly on top of the network through the use of smart contracts and modular application programming interfaces.
Circle is collaborating with partners like Banco Santander, Deutsche Bank, Société Générale, and Standard Chartered to design the network’s architecture and compliance requirements. Several other fintechs and infrastructure partners, including BCB Group, Flutterwave, dLocal, Coins.ph, Zodia Markets, and Fireblocks, are helping build out integrations and local currency access points.
Circle’s leadership believes CPN could become the backbone of a programmable, always-on financial system. “Since our founding, Circle’s vision has been to make moving money as simple and efficient as sending an email,” said Jeremy Allaire, Circle’s co-founder and CEO. “CPN is a significant step in making that vision a reality for businesses worldwide.”
The network is expected to launch in a limited capacity in May 2025, with participation open to licensed financial institutions globally. The launch comes as Circle and other crypto companies like Coinbase, Paxos, and BitGo are reportedly preparing to apply for banking licenses in the U.S., according to The Wall Street Journal’s Apr. 21 report.
Both crypto-native companies and established banks like Standard Chartered and Deutsche Bank are positioning themselves to increase their presence in the U.S. crypto market as a result of changing regulatory attitudes. Compared to previous years when US regulators discouraged banks, this represents a significant change.
