Summary
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Circle Launches Global USDC Payments Network: Circle, issuer of the $60 billion USDC stablecoin, is launching a new international payment network aimed at challenging traditional card networks like Visa and Mastercard, initially targeting the remittance market.
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Timing Aligns with US Policy Support and Market Growth: This initiative follows supportive regulatory signals from the US administration encouraging dollar-backed stablecoins and occurs during a period of rapid growth in stablecoin adoption globally (over 50% user increase in a year).
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Ambition Meets Potential Regulatory Hurdles: While aiming to bridge traditional finance and crypto, Circle’s push with a predominantly dollar-backed stablecoin network faces potential headwinds, particularly from European regulators concerned about financial stability and capital flight due to the dominance of USD-pegged assets.
Circle, the entity responsible for the USDC stablecoin, is introducing a worldwide payments infrastructure intended to challenge established financial technology leaders like Visa and Mastercard.
With its USDC stablecoin valued at approximately $60 billion, Circle anticipates its new initiative will actively contend with dominant players in the payment processing industry.
Launch Plans and Regulatory Context
Coindesk reports that Circle is initiating a new network specifically designed for international payments and fund transfers.
Sources familiar with the matter indicate the project is framed as a prospective challenger to payment giants Visa and Mastercard.
A formal event introducing the payment network is scheduled for April 22nd, taking place at Circle’s main offices located high within New York’s World Trade Center.
Invitations obtained by the press reveal that Circle’s CEO, Jeremy Allaire, plans to outline the company’s strategic vision for advancing stablecoin-based payments.
Stablecoins function as digital tokens within the cryptocurrency ecosystem, engineered to maintain a stable value by linking to an external reference asset like the US dollar, the euro, or commodities such as gold.
Issuers typically back these tokens with reserves comprising securities, traditional currencies, or even other digital assets to ensure the value peg holds.
Since Donald Trump assumed the presidency, the stablecoin market landscape has undergone significant development.
Early in his term, beginning in January, President Trump issued an executive order focused on digital finance regulation, titled “Strengthening US Leadership in Digital Finance.”
This directive mandated the formation of a working group tasked with creating frameworks to encourage the expansion and responsible development of stablecoins legitimately backed by the US dollar.
Circle’s Evolution and New Payments Focus
Founded in 2013, Circle initially focused on the online payments sector, championing Bitcoin for transactions through its debut product, the CirclePay application for exchanging Bitcoin and traditional currencies.
Subsequently, in 2018, Circle collaborated with the Coinbase exchange under the Centre Consortium banner to introduce the USD Coin (USDC).
This partnership eventually concluded, leaving Circle as the exclusive entity managing USDC.
This new initiative marks a return to the payments sphere for the company.
Reports indicate the upcoming launch event is tailored for an audience comprising traditional banks, financial technology firms, established payment processors, companies specializing in remittances, and key strategic allies utilizing USDC.
An individual familiar with Circle’s strategy reportedly informed the publication, “Circle is launching a payments network initially focused on remittances but intending to eventually compete with Mastercard and Visa.”
Rising Stablecoin Adoption Meets European Caution
The integration of stablecoins into daily financial activities is occurring at a faster pace compared to other types of cryptocurrencies.
A report titled “The State of Stablecoins 2025: Supply, Adoption & Market Trends,” produced by analytics platforms Artemis and Dune, indicates that the user base for stablecoins expanded by over 50% within a single year.
The study also projects that by 2024, stablecoins served as a crucial connector between conventional financial systems and the crypto economy, establishing themselves as a fundamental element of digital finance.
Also Read: Circle Internet Financial Completes the Acquisition of Hashnote to Expand USDC
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