World famous blockchain fintech company Circle announced on Monday that it is launching a new global payment and remittance network. The special thing about this network is that it will make fast and secure international transactions possible using regulated stablecoins like USDC and EURC.
This new network of Circle will connect banks, fintech companies, digital wallets and payment service providers to create an ecosystem in which cross-border transactions can be done in real time – that too 24×7.
Table of Contents
- What is Circle’s New Global Payment Network?
- Real-Time Global Transactions
- Advantages of the Network
- Circle’s Global Expansion
- Benefits for Developers
- CEO Jeremy Allaire’s Vision
- Conclusion
What will be the advantage of this network?
Circle says that with the help of this network, transactions will be faster, transparent and more economical than traditional payment systems. Along with this, strong compliance standards like AML (Anti-Money Laundering) and KYC (Know Your Customer) have also been included in it, which will create a reliable and secure solution for financial institutions.
Jeremy Allaire, CEO of Circle, said,
“We are building an open, internet-based financial infrastructure for the global economy that will define the form of fiat currency in the future.”
Strong presence in Europe and Dubai
Circle has recently brought its stablecoin services fully compliant with the European Union’s new MiCA (Markets in Crypto-Assets) rules. With this, Circle has become the first stablecoin company to be licensed in Europe.
Also, the Dubai International Financial Center (DIFC) has also declared USDC and EURC as recognized crypto tokens. This will now allow these stablecoins to be used in Dubai’s digital economy as well.
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Developers will also benefit
This new network of Circle will allow developers to build financial applications and workflows directly in it. This will boost innovation and give businesses the opportunity to launch their digital financial products faster.
Conclusion:
Circle’s move could bring about a major change in the global payment system, especially in countries where the traditional banking system is slow and expensive. With trusted stablecoins like USDC and EURC, the network could make digital payments the mainstay of the future.
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