Circle is launching a new global payments system that will streamline cross-border bank transactions

According to a press release on Apr. 20, the Circle Payments Network connects banks, fintech firms, digital wallets, and other financial institutions to enable real-time, cross-border transactions using regulated stablecoins like USD Coin (USDC) and EURC (EURC)

Circle, the issuer of USDC and EURC stablecoins, is launching a new global payments system to streamline cross-border bank transactions, according to a press release on Friday.

The Circle Payments Network (CPN) will connect banks, fintech firms, digital wallets, and other financial institutions to enable real-time, cross-border transactions using regulated stablecoins like USD Coin (USDC) and EURC.

Current international payments involve a chain of intermediaries, leading to slow settlement times and high fees, especially for users in emerging markets. CPN is designed to combine robust compliance standards—including KYC/AML and cybersecurity procedures—with 24/7 stablecoin settlement to address these inefficiencies.

The system supports treasury operations, onchain financial applications, payroll, remittances, and business payments, among other use cases. Developers can also create financial tools and workflows directly on top of the network using smart contracts and modular application programming interfaces.

Circle is collaborating with partners like Banco Santander, Deutsche Bank, Société Générale, and Standard Chartered to define the network’s architecture and compliance requirements. Several other fintechs and infrastructure partners—including BCB Group, Flutterwave, dLocal, Coins.ph, Zodia Markets, and Fireblocks—are helping build out integrations and local currency access points.

“We are designing CPN to be the core backbone of a programmable, always-on financial system that the world can use and rely upon for the next 50 years,” said Paul Pirner, president of Money Transfer and Payment at Standard Chartered.

"This network will unlock new possibilities for seamless and efficient cross-border transactions, catering to the diverse needs of customers in today's interconnected world."

The network is expected to launch in limited capacity in May 2025, with participation open to licensed financial institutions in all major markets.

The launch comes as Circle and other crypto companies—including Coinbase, Paxos, and BitGo—are preparing to apply for banking licenses in the US, The Wall Street Journal reported on Friday.

Both crypto-native companies and established banks like Standard Chartered and Deutsche Bank are positioning themselves to increase their presence in the US crypto market as a result of changing regulatory attitudes.

This marks a shift compared to previous years, when US regulators discouraged banks from engaging with crypto firms.