Latest news with #CirclePaymentsNetwork
Yahoo
6 days ago
- Business
- Yahoo
RedotPay partners with Circle to support crypto-to-fiat transfers
Crypto payments firm RedotPay has teamed up with Circle to join the Circle Payments Network (CPN) and power payments into Brazil. The move facilitates the direct transfer of cryptocurrency into Brazilian bank accounts, with an automatic conversion to Brazilian Real (BRL) upon receipt. The CPN serves as a global connector for financial institutions, providing the infrastructure necessary for executing cross-border payments with the advantage of real-time settlement. The company aims to improve the accessibility of global payments by offering reduced transaction costs and bypassing the traditional settlement period. RedotPay CEO and co-founder Michael Gao said: 'By integrating with Circle Payments Network, RedotPay is addressing two major pain points that have historically hindered cross-border payments in emerging markets.' Circle Product VP Sunil Sharma stated: 'We designed Circle Payments Network as a foundational coordination protocol for the always-on economy to connect financial institutions who share our vision of empowering emerging economies and modernising the global financial system. This is the next chapter in Circle's evolution, and RedotPay's customers will now have access to frictionless global payments.' RedotPay has launched a new feature titled "Send Crypto, Receive BRL" as the initial phase of the CPN integration to eliminate the complexities associated with cross-border payments, enabling instantaneous crypto-to-fiat deposits into Brazilian bank accounts. To support the launch, RedotPay has introduced a temporary $0 fee structure to incentivise usage. The Brazil payment channel is now accessible to RedotPay users through the company's mobile application, compatible with both iOS and Android platforms. Gao added: 'We are pleased to deliver a new stablecoin-based payment solution that effectively resolves these challenges. With our launch in Brazil, we remain committed to deliver innovative payment solutions that are faster and more affordable, so as to drive mass adoption of crypto payments and empower families and businesses to participate seamlessly in the global economy.' This follows RedotPay's Series A funding round in March, which helped garner $40m. "RedotPay partners with Circle to support crypto-to-fiat transfers " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Miami Herald
30-04-2025
- Business
- Miami Herald
TruBit Joins Circle Payments Network as Early Design Partner to Advance Borderless Finance
MEXICO CITY, MEXICO / ACCESS Newswire / April 30, 2025 / TruBit, a leading stablecoin-powered cross-border payment platform in Latin America, joins the newly launched Circle Payments Network (CPN), a transformative initiative by Circle, a global financial technology company and stablecoin market leader, that enables real-time, cross-border USDC payments between wallets, fintechs, and financial institutions worldwide. On April 22, TruBit was invited to attend the CPN launch event at Circle's new headquarters at the World Trade Center in New York, marking its role as one of the first global partners to complete integration into the network. TruBit is also the first company in Mexico to achieve this milestone, further cementing its leadership in stablecoin-based payment technologies across Latin America. The Circle Payments Network (CPN) is designed to modernize today's fragmented cross-border payment systems, enabling financial institutions to move money with internet-level speed, transparency, and efficiency. Powered by regulated stablecoins like USDC and EURC, CPN operates under a strict compliance framework that ensures top-tier standards in licensing, risk management, and security. As an early participant and design partner in the Circle Payments Network (CPN), TruBit is one of the few Latin American companies - and the only one with robust on- and off-ramp infrastructure spanning Latin America, Asia, and the United States. Its unique geographic footprint and deep presence in emerging markets reinforce TruBit's strategic role in advancing CPN's mission. In collaboration with a select group of global leaders, TruBit is also helping shape the network's technical framework by contributing to the development of shared standards, APIs, and real-time settlement flows that will power the next generation of cross-border financial infrastructure. This hands-on involvement further underscores how regions like LATAM are increasingly influencing the evolution of global finance from the ground up.
Yahoo
22-04-2025
- Business
- Yahoo
Stablecoin issuer Circle to unveil cross border payments network
Circle Internet Group has revealed plans to introduce the Circle Payments Network (CPN), a platform designed to enable real-time settlement of cross-border payments using regulated stablecoins. The network aims to connect financial entities, including banks, payment service providers, and digital wallets. CPN will operate under a governance framework that sets eligibility criteria for participants, encompassing licencing requirements, AML/CFT compliance, financial risk management, and cybersecurity standards. The network will leverage stablecoins such as USDC and EURC, allowing it to integrate with domestic real-time payment systems across different countries. CPN will support a variety of cross-border financial activities, catering to businesses, financial institutions, and individual needs, ranging from supplier payments to payroll and treasury operations. The CPN is built on 'smart contract infrastructure' and provides modular APIs, enabling external developers to create additional functionalities and financial services on the platform. Several banks, including Banco Santander, Deutsche Bank, Société Générale, and Standard Chartered Bank, are assisting in the development of CPN. Fireblocks, a digital asset infrastructure platform, is also participating in the initiative to connect its network of institutional clients. Circle Payments Network is scheduled for a limited release in May. Circle chief product and technology officer Nikhil Chandhok stated: 'Circle Payments Network is a foundational layer for the always-on economy — enabling trusted institutions to move value across borders, instantly. With programmable infrastructure at its core, CPN makes it possible to embed value transfer into modern financial applications in ways that weren't feasible before.' This announcement comes after Circle filed a registration statement with the US Securities and Exchange Commission (SEC) for an initial public offering of its Class A common stock earlier in the month. "Stablecoin issuer Circle to unveil cross border payments network " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Business Times
22-04-2025
- Business
- Business Times
Circle plans stablecoin-powered cross border payment network
[NEW YORK] Circle Internet Group is launching a payments network designed to allow financial institutions and technology firms to settle cross-border transactions in stablecoins. The network is designed to link financial institutions with each other and technology firms including payment service providers, digital wallet companies and banking apps to enable real-time settlement of cross border payments, Circle said. Coindesk earlier reported the Circle Payments Network's launch plans. The plan by Circle, issuer of the second-largest stablecoin, highlights the growing ambitions among both crypto-native and traditional financial firms to utilise stablecoins for faster and cheaper transmission of money. Cross-border payments typically rely on a correspondent banking system which can incur settlement delays and additional costs imposed by intermediaries. Initial use cases for Circle's network include facilitating vendor payments abroad, remittances, payroll, capital markets settlement or treasury operations, according to the company. The network is designed to accommodate its members' preferred stablecoin, which is a type of cryptocurrency pegged to the value of the US dollar or another currency or asset. 'We realised there was a gap in the market for companies, for banks, for payment service providers who want to use stablecoins for payments but do not know how to go about doing that,' Nikhil Chandhok, chief product and technology officer at Circle, said. 'You need a common language that goes beyond the settlement, that speaks to the exchange of information with the payments, that is needed for these blockchain-enabled payments around the world.' The network will offer initial support for Circle's USDC, a US dollar-pegged stablecoin with a current market value of about US$61 billion, as well as EURC, its euro-pegged stablecoin. Circle plans to leverage its cross-chain transfer protocol to make the network compatible with any blockchain its member institutions use. Circle's USDC is currently the second-largest stablecoin and is available on 19 blockchains including Solana, Base, Avalanche and Algorand. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Senders using Circle's network can initiate payments in either traditional currencies or stablecoins and the receiving party can choose to accept the stablecoins or convert them to local currency, according to the company. The eventual aim is to allow members to utilise smart contracts, which are digital agreements that automatically execute once certain conditions are met, to streamline their payments operations. Circle Payments Network's aim is to directly link financial institutions and technology firms to orchestrate both the necessary messaging and settlement of funds, without relying on the correspondent banking network. Circle defines participating financial institutions as virtual asset service providers, both traditional and crypto-native payment service providers and conventional or digital banks. Circle plans a limited launch of the payments network in May, according to the statement. The company's goal is to foster the adoption of stablecoin payments by financial institutions by building a compliant network where members can transact with the knowledge that every participating institution has met global standards for anti-money laundering and countering terrorism financing, among other compliance standards. The network was designed in partnership with Banco Santander, Deutsche Bank, Societe Generale and Standard Chartered Bank. Fintech partners include payments firms Nuevi, Zepz, dLocal and Flutterwave, among others. 'This is not just about Circle-issued stablecoins such as USDC and EURC,' Circle's Chandhok said. 'We see more stablecoins coming on the market and we would like to grow the market. We would like to increase the utility of stablecoins.' Circle's plans come weeks after New York-based company filed for an initial public offering and as landmark stablecoin legislation works its way through Congress under the crypto-friendly Trump administration. BLOOMBERG
