Circle is revolutionizing global payments and remittances with its comprehensive new network, poised to rival Mastercard and Visa in a market ripe for disruption.
Circle Launches New Payments and Remittance Network
Circle, the firm behind the $60 billion USDC stablecoin, is launching a new payments and cross border remittance network on Tuesday from its plush New York City headquarters, high on the 87th Floor of One World Trade Center. The launch event is aimed at banks, fintechs, payment service providers, remittance providers, and USDC strategic partners.
Consolidating its Position in Payments
The move makes sense given the new regulations surrounding stablecoins globally, which have opened up the space for Circle to consolidate its position and return to its roots as a payments company. A person familiar with the plans stated that Circle is launching a payments network initially targeting remittances but aiming to rival Mastercard and Visa.
The Potential of Stablecoins
Stablecoins have reached an adoption level where technology could disrupt global money transfers in a way similar to ‘WhatsApp and international calls,’ according to VC firm Andreessen Horowitz. Payments services providers are already moving billions around using stablecoins like USDC and USDT, as highlighted by crypto custody tech specialists Fireblocks.
A stablecoin is a type of cryptocurrency that maintains a stable value in relation to a specific asset, such as the US dollar.
Unlike other cryptocurrencies, which can experience significant price fluctuations, stablecoins aim to provide stability and predictability.
They are often pegged to a fiat currency or a commodity, ensuring their value remains relatively constant.
Stablecoins have gained popularity for use in trading, payments, and hedging against market volatility.
The launch comes after Circle recently announced plans to go public in the U.S., only to postpone the date of its IPO due to choppy market conditions. The company did not immediately respond to requests for comment on the new payments and remittance network.
