Circle, the issuer of the USDC stablecoin, announced on May 21 the launch of its Circle Payments Network (CPN) on the main net. This marks a strategic expansion aimed at streamlining cross-border payments through blockchain infrastructure.
The network is now operational with participation from several financial institutions across Latin America, Asia, and other global regions. The system is designed to enable real-time settlement of payments using USDC, a dollar-backed digital asset, on public blockchains.
The launch comes amid rising demand for digital dollar solutions in regions where access to traditional U.S. currency is costly or limited. According to Circle, the network is built to address inefficiencies in the existing cross-border payment infrastructure, including delayed settlements, high fees, and a lack of transparency.
Network Aims to Modernise International Transactions
CPN is structured as a compliance-first protocol that allows financial institutions to transmit payment instructions securely while completing settlements on blockchain networks. The system combines traditional financial messaging standards with blockchain’s speed and transparency, enabling near-instant transfers.
Circle said the new infrastructure supports a range of business payments, such as supplier transactions, payroll, remittances, and treasury operations. Financial institutions can participate as either originators or beneficiaries of funds, depending on their business models and client needs.
The $190 trillion global payments market still relies heavily on infrastructure developed before the digital era. By integrating blockchain settlement, CPN is positioned to serve financial institutions and customers seeking alternatives to conventional banking corridors.
Early Participants Span Latin America and Asia
Several institutions have already begun using the network. Alfred Pay, a fintech firm in Latin America, is facilitating stablecoin-to-fiat conversions in Brazil and Mexico. The company uses local payment rails like PIX and SPEI to complete transactions.
In Asia, Singapore-based Tazapay has joined CPN as a licensed beneficiary institution, enabling compliant fiat disbursements in Hong Kong. The firm’s involvement allows businesses in the Americas to send stablecoin-based payments into Asian markets.
RedotPay, an originating institution, is facilitating USDC payments into Brazil. Another participant, Conduit, is using the system to connect local payment methods to bank accounts in multiple regions, including the U.S., Latin America, China, and Africa.
Circle has not disclosed the total number of institutions currently involved but said additional partners are expected to join in the coming months.
