Free Forex Signals

Circle has officially announced the launch of its Circle Payments Network (CPN), a new system designed to facilitate faster, lower-cost, and more transparent cross-border payments using regulated stablecoins like USDC and EURC. The announcement was made today, April 22, 2025.

The network entails the below;

Key Features and Goals of the Circle Payments Network:

• Real-time Settlement: CPN aims to enable near-instantaneous settlement of international money transfers, operating 24/7. This contrasts with traditional cross-border payment methods that can take days.
• Reduced Costs: By leveraging stablecoins and reducing the reliance on multiple intermediaries like correspondent banks, CPN intends to significantly lower the fees associated with cross-border payments.
• Increased Transparency: Blockchain technology provides a clear and auditable record of transactions, offering greater transparency compared to traditional systems.
• Connectivity to Domestic Payment Systems: CPN is designed to connect financial institutions to domestic real-time payment systems worldwide.
• Programmable Infrastructure: The network is built with smart contract infrastructure and modular APIs, allowing developers to build applications and automated financial workflows ¹ on top of it.   1. fintechnews.sg fintechnews.sg
• Broad Range of Use Cases: Circle envisions CPN being used for various purposes, including:
  • Supplier payments
  • Remittances
  • Payroll
  • Capital markets settlement
  • Internal treasury operations
  • On-chain financial applications

Partnerships and Participants:

Circle is collaborating with several major banks and fintech companies as initial design partners, including:

• Banks: Banco Santander, Deutsche Bank, Société Générale, Standard Chartered Bank.
• Fintech and Payment Companies: Alfred Pay, BVNK, Coins.ph, Flutterwave, FOMO Pay, Triple-A, Yellow Card, Zepz, and many others.
• Digital Asset Infrastructure Platforms: Fireblocks is working to connect its network to CPN.

Strategic Implications for Remittances:

The launch of CPN has significant implications for the remittance industry:

• Faster and Cheaper Transfers: Stablecoins offer the potential for remittances to be processed much faster and at significantly lower costs compared to traditional methods that often involve high fees and long processing times.
• Increased Accessibility: In regions with limited banking infrastructure, stablecoin-based remittances can be completed with just an internet-connected device and a digital wallet, potentially reaching unbanked or underbanked populations.
• Greater Choice for Recipients: Recipients may have the option to receive funds in USDC or convert them to their local currency, providing greater flexibility.

Timeline:

Circle expects to release the Circle Payments Network in a limited capacity starting in May 2025.

Overall Vision:

Circle’s co-founder and CEO, Jeremy Allaire, stated that the vision has always been to make moving money as simple and efficient as sending an email. CPN is seen as a significant step towards realizing this vision for businesses and individuals worldwide. The network aims to be a foundational layer for the “always-on economy,” enabling trusted institutions to move value across borders instantly.