Circle Launches Payments Network to Advance Stablecoin Use in Global Transfers
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.
Circle Unveils Payments Network for Cross-Border Settlements
Circle Internet Group, Inc., a global financial technology firm, on Monday announced the launch of the Circle Payments Network (CPN), a new service designed to enable real-time cross-border payments between licensed financial institutions using regulated stablecoins. The network is expected to debut in a limited capacity in May. The CPN aims to modernize a global payments system that remains burdened by delays and high transaction costs. According to the World Bank, international payments can take more than a business day to settle and often carry fees exceeding 6%, disproportionately affecting businesses and individuals in emerging markets. Stablecoin-Powered Infrastructure The network will utilize regulated stablecoins such as USDC and EURC to facilitate instant settlement across different jurisdictions. CPN aims to connect banks, payment providers, digital wallets, and virtual asset service providers to domestic real-time payment systems, providing a consistent compliance framework across borders. Circle said institutions participating in the network must meet strict eligibility requirements, including proper licensing, anti-money laundering (AML) and counter-terrorism financing (CFT) compliance, risk management, and cybersecurity protocols. Circle’s infrastructure integrates smart contracts and modular APIs, allowing developers to build custom financial workflows and applications on the network. Global Institutions Contribute to Design To ensure operational integrity and regulatory alignment, Circle is working with several large global banks, including Deutsche Bank, Banco Santander, Société Générale, and Standard Chartered. These institutions are contributing expertise to the network’s architecture. Standard Chartered’s Global Head of Transaction Banking, Michael Spiegel, said the bank sees the initiative as a way to improve cross-border payments while meeting global compliance standards. Additional partners include fintech firms such as Flutterwave and Coins.ph, OpenPayd, and Fireblocks, which are collaborating to connect their platforms to the CPN. Early Access and Expansion Plans Licensed financial institutions can apply to become early participants. Circle has not specified a full rollout date but confirmed the initial launch will begin in May. The initiative marks a significant move in Circle’s broader strategy to expand beyond stablecoin issuance and into payments infrastructure.
