Circle Plans Stablecoin-Powered Cross Border Payment Network (1)

Circle Internet Group Inc.is launching a payments network designed to allow financial institutions and technology firms to settle cross-border transactions in stablecoins.

The network is designed to link financial institutions with each other and technology firms including payment service providers, digital wallet companies and banking apps to enable real-time settlement of cross border payments, Circle said in a statement. Coindesk earlier reported the Circle Payments Network’s launch plans.

The plan by Circle, issuer of the second-largest stablecoin, highlights the growing ambitions among both crypto-native and traditional financial firms to utilize stablecoins for faster and cheaper transmission of money. Today, ...