Circle Internet Group, the issuer of the second largest stablecoin, is launching a payments network designed to allow financial institutions and technology firms to settle cross-border transactions in stablecoins, according to people familiar with the matter who asked not to be identified sharing non-public plans.
The network is designed to link financial institutions with each other and technology firms including payment service providers, digital wallet firms and banking apps to enable real-time settlement of cross border payments, the same people said.
Circle’s plans highlight the growing ambitions among both crypto-native and traditional financial firms to utilise stablecoins for faster and cheaper transmission of money. Today, cross-border payments typically rely on a correspondent banking system which can incur settlement delays and additional costs imposed by intermediaries.
Read: Ripple challenges industry giants with new stablecoin
Circle’s plans come weeks after New York-based company filed for an initial public offering and as landmark stablecoin legislation works its way through the US congress under the crypto-friendly Trump administration. — Emily Mason, (c) 2025 Bloomberg LP
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