Circle to Launch Cross-Border Payment Network, Aiming to Challenge Visa and Mastercard

Odaily reports that stablecoin giant Circle is set to unveil a new product for payments and cross-border remittances on Tuesday at its World Trade Center headquarters in New York. Dubbed as Circle's "next move," the product targets banks, payment institutions, fintech companies, and USDC partners.

Circle, the issuer of USDC, currently has a market cap of about $60 billion for its stablecoin. Initially focused on cross-border remittances, the new network may eventually take on traditional giants Visa and Mastercard. According to insiders, Circle is striving to return to its roots in payments to expand the use of stablecoins in the global payments sector.

Against a backdrop of clearer stablecoin regulation, Circle also plans to go public in the U.S. but has postponed its IPO due to market volatility. Industry experts believe that as stablecoins like USDC and USDT are increasingly used for cross-border transfers, Circle's move could accelerate the replacement of traditional payment systems with stablecoins.