Circle is set to launch a new payments and cross-border remittance network this Tuesday from its headquarters located in One World Trade Center, New York City. This initiative is referred to as Circle’s “next product move” and is highlighted in an invitation seen by CoinDesk.
The launch event will specifically cater to banks, fintech companies, payment service providers, remittance firms, and strategic partners involved with USDC.
Key Information:
- Circle, the company behind the $60 billion USDC stablecoin, plans to unveil its new product aimed at transforming remittance processes.
- The event will feature insights from Circle’s CEO, Jeremy Allaire, who will discuss future plans regarding the payments sector.
As the market for stablecoins evolves and regulatory frameworks shift, Circle aims to strengthen its competitive stance, particularly as it seeks to position itself against major players like Mastercard and Visa. A source familiar with the plans indicated that the goal is to initially focus on remittances, ultimately expanding towards a broader payments network.
In the past, stablecoin adoption has shown considerable potential for reshaping international money transfers, similar to the impact of messaging apps like WhatsApp. According to a report by Andreessen Horowitz, stablecoins are expected to disrupt the financial transaction landscape substantially.
Most recently, Circle was in the spotlight following its IPO announcement, which was subsequently postponed due to volatile market conditions. Circle did not provide immediate comments regarding inquiries made about this new development.
