Circle Floats New Payments Network For Cross-Border Transfer

On Tuesday, Circle, the company behind the well-known USDC stablecoin , is launching a new payments and cross-border remittance network. The event will occur at Circle’s headquarters on the 87th floor of One World Trade Center in New York City. This event marks an important step in the company’s plan to expand its role in global payments. Circle Driving New Payment Frontier Circle CEO Jeremy Allaire will share the company’s vision for the future of payments at the event. The launch will target banks, fintech companies, payment service providers, remittance companies, and USDC partners. Circle sees a chance to grow as new rules open up the stablecoin market. The company plans to compete with bigger players like Tether and strengthen its role in the payments industry. While Circle has been a leader in stablecoins, it is now shifting its focus to payments. The new network will begin by focusing on remittances. However, it is expected to grow into a larger system to compete with big payment companies like Mastercard and Visa. According to sources close to the company, this move aims to make cross-border payments more efficient and accessible. How Stablecoins Are Changing Cross-Border Payments Stablecoins like USDC are becoming more popular for cross-border payments. In 2022, Banking Circle, a European Union (EU) fintech startup, announced it had integrated the USDC stablecoin into its payment rails. Banking Circle said USDC offers a much faster settlement and eliminates the need for significant IT or financial investment for businesses that want to enter the Web3 market. A report by Andreessen Horowitz suggests stablecoins could change money transfers, similar to how mobile apps changed international calls. A specialist at Fireblocks recently shared in an interview that billions of dollars are being moved worldwide using stablecoins like USDC and USDT. Circle, a leading company in the space, is launching a new network to make these transfers faster and cheaper, aiming to compete with traditional payment systems. Plans for Payments Amid Market Uncertainty Although the market is uncertain, Circle is pushing forward with its payment plans. The company had initially planned to go public in the U.S. Circle recently tapped top investment banks JPMorgan and Citigroup to proceed with its Initial Public Offering (IPO) plans. However, the company postponed its IPO plans because of the unstable market. Despite this, Circle’s continued work on its payment network shows its commitment to long-term growth and innovation. The post Circle Floats New Payments Network For Cross-Border Transfer appeared first on TheCoinrise.com .