The issuer of USDC and EURC stablecoins, Circle, has announced the launch of a new international payment system, the Circle Payments Network (CPN). The goal of the project is to provide fast, transparent, and secure international transactions using regulated stablecoins, which will help eliminate numerous barriers in cross-border transfers.
This is reported by Business • Media
Key Features and Goals of Circle Payments Network
According to the official press release, CPN will connect banks, neobanks, payment services, digital wallets, and other participants in the financial market, enabling real-time settlements.
“From the moment we were founded, our goal has been simple: to make moving money as easy as sending an email. CPN is a significant step toward making this vision a reality for businesses around the world,” said Circle co-founder and CEO Jeremy Allaire.
According to the World Bank, the average cost of cross-border payments exceeds 6%, and transfers often take more than one business day due to numerous intermediaries, varying times across different zones, local restrictions, and complex verifications. The new service is expected to significantly reduce these costs and speed up the processes.
Partnerships and Future Development
Leading financial institutions are participating in the creation of CPN, including Banco Santander, Deutsche Bank, Société Générale, and Standard Chartered Bank. The latter has described its collaboration with Circle as a “game changer.” “Circle has a “compliance-first” approach to product development, such as CPN, which is a true breakthrough in the ways funds are moved across borders,” said Michael Spiegel, Global Head of Transaction Banking at Standard Chartered.
The network model involves deploying a modular infrastructure with APIs and smart contracts, allowing third-party companies to create services ranging from payroll and remittances to capital market operations and blockchain-based applications. The first partners include Flutterwave, dLocal, FOMO Pay, Coins.ph, Nuvei, Unlimit, Zodia Markets, and Fireblocks, which are integrating their infrastructure to enhance the network’s capabilities.
CPN is expected to be available in a limited version by May 2025. It is also known that in early April of this year, Circle filed an application with the U.S. Securities and Exchange Commission for an initial public offering.