Circle Launches New Payment Network, Challenges Visa and Mastercard

Uk Jin

Summary

Circle announced the launch of a global payment network, challenging Visa and Mastercard.
This new network is said to be offered to banks, payment institutions, and fintech companies, including USDC partners.
Circle's goal is to initially focus on the remittance sector, with plans to eventually expand into a payment network.

Circle, the issuer of the stablecoin USDC (a virtual asset pegged to the value of fiat currency), is launching a global payment network.

According to CoinDesk, a cryptocurrency-focused media outlet, Circle is set to unveil new payment and cross-border remittance products at its New York headquarters on the 22nd. These products are aimed at banks, payment institutions, fintech companies, and USDC partners.

Jeremy Allaire, Circle's CEO, is expected to attend the event to present his vision for Circle's next steps.

An anonymous source stated, "Circle's new venture initially targets remittances but ultimately aims to launch a payment network similar to Mastercard and Visa."

Meanwhile, as of 9:36 AM on the 22nd (KST), the total issuance of USDC stands at 60.93 billion, with the market capitalization ranking 7th among all virtual assets.

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