Circle Launches CPN: Revolutionizing Cross-Border Payments with Stablecoins
Circle has launched a groundbreaking initiative, the Circle Payments Network (CPN), aiming to revolutionise cross-border payments using stablecoins. The network, which opened corridors in Latin America and Asia, has drawn significant interest from African fintechs, with 28 companies partnering with Circle for integration.
CPN enables real-time, secure transactions across borders using $USDC on public blockchains. The network's participants include Alfred, TazaPay, ConduitPay, and RedotPay, facilitating stablecoin payment corridors in Latin America and Asia.
Circle is exploring expansion to additional regions by 2025, including Nigeria, the EU, UK, Colombia, India, UAE, China, Turkey, Philippines, Vietnam, and Argentina. While specific targets in Africa are yet to be confirmed, Circle's collaboration with AgriDex for African exporters indicates a commitment to supporting real-time, trusted value movement across the continent.
CPN supports a variety of payment types, such as B2B supplier payments, cross-border remittances, and treasury cash consolidation. Flutterwave, a prominent African fintech, hailed the CPN partnership as a significant step forward in simplifying global payments for African enterprises and the diaspora.
Circle's Circle Payments Network (CPN) is poised to transform cross-border payments, particularly in Africa, by leveraging stablecoins for real-time, secure transactions. With 28 African fintechs already on board and plans for further expansion, CPN is set to become a major player in the global financial landscape.
