Circle Launches CPN with USDC and EURC for Real-Time Settlement, Aiming to Rival Visa and Mastercard in May

Circle, the issuer of the second-largest stablecoin USDC, is launching the Circle Payments Network (CPN), a new global payments and cross-border remittance network. The network aims to provide an alternative to traditional payment giants like Visa and Mastercard, targeting banks, fintech companies, and payment service providers.

CPN will enable real-time, 24/7 settlement of cross-border transactions using stablecoins such as USDC and EURC, starting in May. The network is designed to be semi-permissioned, with a single API for financial institutions to send and receive transactions, and features an RFQ system for foreign exchange, cross-chain interoperability via CCTP, and confidential transactions.

Circle's move into payments and remittances is seen as a strategic expansion, leveraging its established position in the stablecoin market to challenge existing payment networks. The launch event was held at Circle's headquarters in One World Trade Center, New York City. A detailed whitepaper on CPN is available for download, and the network is supported by Fireblocks.

This is an AI-generated article powered by DeepNewz, curated by The Defiant. For more information, including article sources, visit DeepNewz.