Circle has introduced Circle Payments Network (CPN), which is a daring step towards the new generation cross-border payment solution. Intended to rival Ripple Payments, CPN is a payment system that is fast, inexpensive, and efficient for financial institutions worldwide.
The CPN utilizes Circle’s stablecoins, USDC and EURC to enable faster settlement time thus eradicating the payment system hurdles. As such, Circle’s approach is to offer fast, near real-time payments for such use cases as invoice settlement, remittances, treasury management, and contractor payments.
Circle’s CTO Nikhil Chandhok said that stablecoins are crucial for opening new markets and new types of businesses. It is already on the right track, having onboarded 20 design partners, some of which are Flutterwave, CoinMENA, Coins.ph, WorldRemit, and Yellow Card.
Banks and other financial institutions will be able to onboard through a single technology stack, which will be advantageous to them. To support the functioning of CPN, Circle has attracted some of the leading global financial institutions like Deutsche Bank, Santander, Standard Chartered, and Societe Generale as the advisors.
Circle is not only investing in stablecoins but also in the development of the new payment system of the 21st century. The recent passage of the STABLE Act means that Circle has clear rules to follow, and it is now confident to offer more stablecoins.
As Circle is striving to become one of the leading payment companies in the world, its payment system could be a great advantage for companies that are looking for better solutions.
