Stablecoin platform Circle is collaborating with Standard Chartered, Deutsche Bank, Société Générale, and Santander to establish a cross-border payment network aimed at competing with Swift.
The Circle Payments Network (CPN) intends to link various financial entities, including banks, neo-banks, payment service providers, virtual asset service providers, and digital wallets, thereby enabling real-time settlement of cross-border transactions using regulated stablecoins.
According to the World Bank, despite progress in the field, cross-border payments can still take over a day to settle and incur costs exceeding 6%. These delays are often attributed to numerous intermediaries, compliance checks, local market cut-off times, and the fragmented operating hours across different jurisdictions.
Utilizing smart contract infrastructure and modular APIs, and leveraging USDC, EURC, and other regulated stablecoins, CPN is designed to provide uninterrupted 24/7 connectivity to domestic real-time payment systems globally.
The network operates under a governance framework that mandates strict eligibility criteria for participants, including licensing, AML/CFT compliance, financial risk management, and cybersecurity protocols.
Potential use cases for CPN encompass supplier payments, remittances, payroll, capital markets settlement, internal treasury operations, and on-chain financial applications.
Michael Spiegel, global head of transaction banking at Standard Chartered Bank, stated, “Standard Chartered is continually seeking ways to enhance the efficiency, security, and compliance of cross-border payments globally. Circle’s compliance-first approach to building products like CPN is a game changer for international money transfers, and we are excited to strengthen our partnership and contribute our global expertise to ensure the success of CPN.”
In addition to its banking partners, Circle is collaborating with digital asset infrastructure platforms like Fireblocks to connect their networks of institutional customers, broadening access to cross-border payment solutions.
“Circle Payments Network is a foundational layer for the always-on economy — enabling trusted institutions to transfer value across borders instantly,” said Nikhil Chandhok, Circle’s chief product and technology officer. “With programmable infrastructure at its core, CPN allows for the integration of value transfer into modern financial applications in unprecedented ways.”
The Circle Payments Network is anticipated to launch in a limited capacity in May.