Circle Internet Group announced its Circle Payments Network (CPN) on Tuesday. The product is a new infrastructure enabling global cross-border payments through the use of regulated stablecoins such as USDC and EURC.
Circle Announces New Payments Network
The firm explained in a press release that CPN is designed to connect banks, neo-banks, payment providers, virtual asset services, and digital wallets, offering real-time, low-cost, and transparent settlement of international transactions.
Circle believes the initiative addresses longstanding inefficiencies in cross-border payments.
“Despite improvements, cross-border payments can still take longer than one business day to settle and cost more than 6%, according to the World Bank, disproportionately impacting emerging markets and limiting their global competitiveness,” said the firm.
“Since our founding, Circle’s vision has been to make moving money as simple and efficient as sending an email,” said Jeremy Allaire, Co-Founder, Chairman, and CEO of Circle. “CPN is a significant step in making that vision a reality for businesses worldwide.”
Major banks, including Banco Santander, Deutsche Bank, Société Générale, and Standard Chartered, are said to be advising Circle on CPN’s design.
“Standard Chartered is continuously looking for opportunities to make cross-border payments more efficient, secure, and compliant to various regulatory requirements, globally,” commented Michael Spiegel, Global Head of Transaction Banking at Standard Chartered Bank. “Circle’s compliance-first approach to building products like CPN is a game changer.
The network, supported by digital infrastructure firms like Fireblocks, is expected to enable a range of use cases including payroll, supplier payments, capital markets settlement, and treasury operations.
