Circle, a leading global financial technology company and issuer of the regulated stablecoins USDC and EURC, today launched the Circle Payments Network (CPN). This new platform is built to solve the century-old inefficiencies of traditional cross-border payments, providing financial institutions with a new, real-time, and cost-efficient solution fueled by stablecoins.

The CPN will unite a wide range of financial institutions, banks, neobanks, payment service providers, virtual asset service providers, and digital wallets on one network. Utilizing the speed, transparency, and programmability of stablecoins such as USDC and EURC, Circle will facilitate the settlement of cross-border payments in real-time, 24/7, which is a much-needed upgrade to legacy systems that take days and are costly.

In a World Bank context, cross-border transactions can take over a day to settle and incur average fees well over 6%. Circle's CPN can substantially reduce the time and cost of such transfers, facilitating easier global money flow for a range of applications, including supplier payments, remittances, payroll, and treasury management.

Foremost among them on the CPN agenda at the top are regulatory compliance and security. Circle reminds us that institutional onboarding was built into the network and participants need to have high standards when it comes to licensing, risk management, and cybersecurity. Collaborations with the globe's most respected banks such as Banco Santander, Deutsche Bank, Société Général, and Standard Chartered Bank have been central to getting the network up to the rigorous standards of the traditional financial system.

The CPN is built as a modular system on the basis of smart contracts and provides modular APIs so that third-party developers can build integrated applications and automated financial processes alongside developing on top of the network's infrastructure. This programmability can potentially facilitate new capabilities for embedding the value transfer within business processes natively.

Circle's launch of CPN marks a strategic shift into deeper investment in the space of digital assets, going beyond stablecoin issuance and developer tooling to establishing foundational payment infrastructure. The network will begin to initiate a limited release in May 2025, with Circle actively recruiting licensed financial institutions interested in joining the network.

The introduction of CPN will increase competition throughout the global payments industry with a compelling alternative to existing systems through the delivery of faster, lower-cost, and more transparent cross-border settlements based on innovation from regulated stablecoins.

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