Circle, the company behind the $60 billion USDC stablecoin, has unveiled a major new initiative aimed at disrupting the cross-border payments industry, describes as its “next product evolution.”
Circle unveils stablecoin payments network
Targeted at banks, fintechs, remittance providers, and strategic partners, the Circle Payments Network is designed to enable real-time cross-border settlement using stablecoins.
The platform seeks to eliminate reliance on the traditional correspondent banking model, which is often criticised for delays and hidden costs.
Instead, Circle’s network will connect financial institutions and technology firms directly, streamlining both payment messaging and the settlement of funds.
Heavyweight Financial Institutions
The network’s launch partners include heavyweight financial institutions such as Banco Santander, Deutsche Bank, Société Générale and Standard Chartered Bank, alongside fintech specialists like dLocal, Flutterwave, Nuevi, and Zepz.
Importantly, Circle is positioning the network not merely around its own stablecoins, USDC and EURC, but as a broader infrastructure open to future stablecoins entering the market.
According to Nikhil Chandhok, Circle’s Chief Product and Technology Officer, the aim is to provide a compliant, interoperable system where financial firms can confidently transact, assured that participants meet global anti-money laundering and counter-terrorism financing standards.
“There is a clear gap in the market for institutions wanting to utilise stablecoins for payments but lacking the infrastructure to do so securely,” Chandhok said.
Transfers in Fiat or Stablecoins
Senders will be able to initiate transfers in either fiat or stablecoins, with recipients choosing to accept payment in stablecoins or local currencies.
Smart contract functionality is also planned, allowing conditional and automated settlement processes, which could significantly modernise treasury and capital markets operations.
Circle’s strategy comes at a time of accelerating regulatory acceptance of stablecoins worldwide and follows its own recent IPO filing.
Analysts note that stablecoins have reached a level of maturity where they are poised to disrupt the remittance sector, much as apps like WhatsApp transformed global communications.
The Circle Payments Network will initially launch in May on a limited basis, with broader rollout expected thereafter.
Backed by its USDC token – currently operational across 19 blockchains including Solana, Base and Avalanche – Circle appears to be setting its sights on establishing a digital rails alternative to the likes of Swift, Visa and Mastercard.
Circle’s bold step could mark the beginning of a fundamental reshaping of cross-border money movement — one that removes traditional barriers and builds new value through blockchain-based settlement.
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