Stablecoin Giant Circle Is Launching a New Payments and Remittance Network

What to know:

Circle, the firm behind the $60 billion USDC stablecoin, is launching a new payments and cross border remittance network on Tuesday — the company’s “next product move” — from its plush  New York City headquarters , high on the 87th Floor of One World Trade Center.

The launch event is aimed at banks, fintechs, payment service providers, remittance providers and USDC strategic partners. It will feature Circle CEO Jeremy Allaire sharing his vision for the stablecoin giant’s next move within the payments space, according to an invite seen by CoinDesk.

New and incipient regulations around the globe are opening up the stablecoin space, where Circle has shared the limelight with larger rival Tether. It makes sense then that Circle — a firm that has successfully pivoted during its years in the crypto space — should look to consolidate its position and return to its roots as a payments company.

“Circle is launching a payments network that is initially targeting remittances but is ultimately aiming to rival Mastercard and Visa," said a person familiar with the plans.

Stablecoins have reached an adoption level where the technology could disrupt global money transfers in a way similar to WhatsApp and international calls, VC firm Andreessen Horowitz said  in recent report.

In  a recent interview,  crypto custody tech specialists Fireblocks pointed to billions being moved around by payments services providers doing things like cross border payments using stablecoins like USDC and USDT.

Circle was in the news most recently, after the firm announced plans to go public in the U.S., only to postpone the date of its IPO thanks to choppy and uncertain market conditions.

Circle did not immediately respond to requests for comment.