- Stablecoin adoption for remittances is rising, with firms like Fireblocks reporting billions moved using USDC and USDT.
- Circle’s IPO remains delayed due to market conditions, but the firm continues expanding its infrastructure around digital payments.
Circle, the issuer of the USDC stablecoin, is set to announce a new payments and cross-border remittance network. The event is scheduled for Tuesday and will take place at the company’s New York headquarters on the 87th floor of One World Trade Center.
The launch will bring together financial institutions, payment service providers, remittance operators, and Circle’s strategic partners. According to individuals familiar with the initiative, the network will initially support remittance flows but has broader goals to compete with legacy infrastructure from firms such as Mastercard and Visa.
Circle CEO Jeremy Allaire is expected to present the strategy during the launch. The company’s expansion into payments follows years of growth for its USDC stablecoin, which currently has a circulating supply near $60 billion. This new network intends to leverage USDC’s stable value and blockchain settlement speed to reduce costs and delays in cross-border money transfers.
A recent report by venture firm Andreessen Horowitz noted that stablecoins have reached a level of adoption where their infrastructure could disrupt global transfers, in a manner similar to how platforms like WhatsApp changed international communication. These views reflect broader investor interest in using blockchain-based payment rails to bypass traditional intermediaries.
Other firms already operate in this space. Fireblocks, a digital asset custody provider, reported increasing activity among payment service providers using stablecoins such as USDC and USDT for international transfers. These flows, which previously relied on correspondent banking networks, are now handled on-chain and settle with fewer intermediaries.
The competitive stablecoin segment includes major issuers like Tether, which has traditionally maintained higher volumes than USDC. However, Circle’s regulatory engagement and emphasis on compliance have positioned it as a preferred option among firms seeking banking and institutional integration.
Circle has also been preparing for a public listing in the U.S., although its IPO plans were paused due to current market volatility. The announcement of this new payment network may serve to reframe Circle’s public image as more than a stablecoin issuer, anchoring its business model around financial infrastructure.
