Circle, the issuer of the USDC and EURC stablecoins, has unveiled the Circle Payments Network, which aims to remove frictions for mainstream cross border payments using stablecoins. While stablecoins have primarily been used in crypto and by residents in economies with volatile currencies, momentum has been building towards a bigger role for stablecoins in addressing the frictions of cross border payments.
This is the company’s move to create a vertically integrated payments network where it doesn’t just provide the stablecoin payment instrument, but also coordinates on and off-ramps as well as FX and currency liquidity. The Circle Payments Network will initially involve APIs but evolve into a smart contract protocol, with the governance and responsibility for standard setting remaining with Circle.
The goal is to empower consumer, business and institutional payments.
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