Circle facilitates cross-border payments in Stablecoins

Stable token transmitter Circle He has just lifted the veil on his latest offer called Circle Payment Network. The latter takes the form of a new network capable of connecting financial institutions to facilitate cross-border payments in real time using regulated stablecoins such as USDC or EURC.

FACTS

• Circle Payments Network now offers financial institutions the opportunity to benefit from a new international cash transfer system, using USDC, EURC and other regulated stablecoins.

• The financial institutions concerned are banks, neo-banks, payment service providers, virtual asset service providers and digital portfolios.

• Many payments are covered, such as supplier payments, cash transfers, payroll, financial market settlement or even internal cash transactions.

• Circle Payments Network highlights its ability to allow transparent connectivity to national payment systems in real time and worldwide, in compliance with regulatory obligations. It relies on smart contract infrastructure and modular APIs allowing third-party developers to create advanced modules and other application services.

• Circle Payments Network's design is also based on cooperative work, including the involvement of leading institutions such as Banco Santander, Deutsche Bank, Société Générale and Standard Chartered Bank, which have provided their in-depth expertise in international payments.

• Other partners in Circle Payments Network design include Alfred Pay, BCB Group, BVNK, CoinMENA, Coins.ph, Conduit, dLocal, dtcpay, Flutterwave, FOMO Pay, HIFI, Inswitch, Legend Trading, Nilos, Noah, Nuvei, Onafriq, OpenPayd, RD Technologies, RedotPay, TazaPay, Transfero Group, Triple-A, Trubit, Unlimited, Yellow Card, Zepz and Zodia Markets.

ISSUES

• Start a new chapter : Circle intends to build on this new network to support the deployment of a new activity and enable it to become a leading player in this market, with all financial institutions.

• Competition from established names : The new Circle Payment Network is also a way for Circle to achieve a new competitive ambition. Circle is in fact positioned on the same market as Ripple, a blockchain-based cross-border payment network offering RippleNet to financial institutions.

• Simplify processes According to information from the World Bank, the settlement of cross-border payments can take more than one business day and cost more than 6% due to the multiplication of intermediaries and compliance checks. But Circle Payments Network needs to simplify and optimize trade.

PERSPECTIVE

• The cryptocurrency market, Blockchain There are many desires, and the multiplication of initiatives is an intrinsic part of its growth and democratisation.

• While Circle is targeting financial institutions today to meet their cross-border payment needs, other actors are also seeking to take advantage of this market boom to capitalize on their own expertise. For example, Sopra Steria, who wishes Today also supports banks in launching crypto-active offers.

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