Odaily News Stablecoin giant Circle will release a new payment and cross-border remittance product at its headquarters at the World Trade Center in New York on Tuesday. The product is called Circle’s “next move” and targets users including banks, payment institutions, fintech companies and USDC partners.
Circle is the issuer of USDC, which currently has a market value of about $60 billion. The new network initially focused on cross-border remittances and may challenge traditional giants Visa and MasterCard in the future. According to people familiar with the matter, Circle is working hard to return to its payment roots to expand the application of stablecoins in the global payment field.
As stablecoin regulation becomes clearer, Circle also plans to go public in the United States, but has postponed its IPO due to market volatility. The industry believes that as stablecoins such as USDC and USDT are widely used for cross-border transfers, Circle's move may accelerate the process of stablecoins replacing traditional payment systems. (CoinDesk)