- Circle debuts a new blockchain-based platform to simplify global payments and remittances.
- The network aims to challenge traditional systems like SWIFT and Visa with near-instant settlements.
What happened: USDC issuer Circle unveils a new cross-border transaction network to overhaul how money moves across borders, targeting remittances and B2B payments
Circle, the issuer behind USD Coin (USDC), has launched a new blockchain-based platform to transform international payments and remittances. Revealed at the Singapore FinTech Festival, the new “smart contract platform” allows users to send funds across borders in near real-time, leveraging Circle’s USDC stablecoin and integrating with existing banking and fintech systems.
According to Circle CEO Jeremy Allaire, the platform is designed for “regulated institutions and licensed entities” to send and receive USDC instantly across countries, with fiat settlement options in local currencies. The initial partners include Philippines-based Coins.ph, African neobank Yellow Card, and cross-border infrastructure provider Rocketfuel. These firms will help launch the remittance corridors between Asia, Africa, and Latin America.
The network uses public blockchains like Ethereum and Solana while offering built-in compliance tools and user identification systems to support regulatory requirements.
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Why this is important
The move signals a significant escalation in Circle’s ambition to reshape the global financial infrastructure. While stablecoins are primarily speculative assets, Circle’s new initiative frames USDC as a utility-focused digital dollar for real-world payments. This strategy could accelerate the decline of legacy payment systems like SWIFT, particularly in emerging markets where remittance fees are high and settlement times are slow.
This is not Circle’s first foray into payments. In 2023, it introduced the Cross-Chain Transfer Protocol, enabling native USDC transfers between blockchains. The new network builds on that momentum but adds institutional-grade tools for compliance and cash-out services, aiming squarely at fintechs and digital banks.
However, while promising, the platform must overcome significant hurdles — regulatory uncertainty in the US, the volatility of blockchain infrastructure, and competition from incumbents like Ripple and Visa’s B2B Connect. Still, with global remittances projected to top $840 billion in 2024, Circle’s entry could mark a turning point for blockchain-based finance.
