Stablecoin firm, Circle, is reportedly set to unveil a new payments and cross-border remittance network on Tuesday. The launch, described as the company’s “next product move,” will take place at its upscale headquarters on the 87th floor of One World Trade Center in New York City.
Circle Takes on a ‘Stablecoins-Payment Network’ Route
The event will bring together a select group of stakeholders, including banks, fintech firms, remittance companies, payment service providers, and strategic partners tied to USDC. Circle CEO Jeremy Allaire is expected to outline the firm’s evolving vision for stablecoin-powered payments during the event
Thanks to the changing narrative on stablecoins, stablecoin firms including Circle and Tether, are looking to strengthen their foothold. As a part of this movement, Circle is now aiming to reestablish itself firmly in the payments arena.
“Circle is introducing a payments network that will initially focus on remittances, but the long-term goal is to compete with giants like Visa and Mastercard,” said a source familiar with the initiative.
The decision to explore payment networks came after Circle shared its plans to go public in the US, though the IPO was delayed due to volatile market conditions.
When it comes to the global stablecoin regulation, South Korea revealed that it is moving forward with the Stablecoin Regulation Framework as it planned before. Thus, even countries that are wary of open cryptocurrency advocacy, are tapping the stablecoin alternative amidst the growing geopolitical tensions and the ongoing tariff war.
In fact, a recent report by venture capital firm Andreessen Horowitz likened their potential impact on global money transfers to how WhatsApp changed international communication.
