Circle Internet Group has revealed plans to introduce the Circle Payments Network (CPN), a platform designed to enable real-time settlement of cross-border payments using regulated stablecoins.
The network aims to connect financial entities, including banks, payment service providers, and digital wallets.
CPN will operate under a governance framework that sets eligibility criteria for participants, encompassing licencing requirements, AML/CFT compliance, financial risk management, and cybersecurity standards.
The network will leverage stablecoins such as USDC and EURC, allowing it to integrate with domestic real-time payment systems across different countries.
CPN will support a variety of cross-border financial activities, catering to businesses, financial institutions, and individual needs, ranging from supplier payments to payroll and treasury operations.
The CPN is built on “smart contract infrastructure” and provides modular APIs, enabling external developers to create additional functionalities and financial services on the platform.
Several banks, including Banco Santander, Deutsche Bank, Société Générale, and Standard Chartered Bank, are assisting in the development of CPN.
Fireblocks, a digital asset infrastructure platform, is also participating in the initiative to connect its network of institutional clients.
Circle Payments Network is scheduled for a limited release in May.
Circle chief product and technology officer Nikhil Chandhok stated: “Circle Payments Network is a foundational layer for the always-on economy — enabling trusted institutions to move value across borders, instantly. With programmable infrastructure at its core, CPN makes it possible to embed value transfer into modern financial applications in ways that weren’t feasible before.”
This announcement comes after Circle filed a registration statement with the US Securities and Exchange Commission (SEC) for an initial public offering of its Class A common stock earlier in the month.
“Stablecoin issuer Circle to unveil cross border payments network ” was originally created and published by Electronic Payments International, a GlobalData owned brand.
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