Circle will launch a cross-border payment network to challenge Visa and Mastercard

Odaily Planet Daily reported that stablecoin giant Circle will release a new payment and cross-border remittance product at its World Trade Center headquarters in New York on Tuesday. This product is known as Circle's "next move" and its target users include banks, payment institutions, fintech companies, and USDC partners. Circle is the issuer of USDC, with a current market value of approximately $60 billion. In the early stages of the new network, it focuses on cross-border remittances and may challenge traditional giants Visa and Mastercard in the future. According to insiders, Circle is working hard to return to its payment roots and expand the application of stablecoins in the global payment field. Against the backdrop of clearer regulation of stablecoins, 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）