New Payment System Launched by Circle to Challenge Ripple's Dominance
Revised Article
Stepping into the future of cross-border payments, Circle unveils the Circle Payments Network (CPN). Aiming to disrupt players like Ripple Payments and its XRP token, CPN is a powerhouse payment solution tailored for financial institutions worldwide.
This badass network utilizes Circle's stablecoins, USDC and EURC, to expedite settlements, slashing payment system obstacles. Adopting a "no barriers, no clocks" approach, CPN serves use-cases such as invoice settlement, remittances, treasury management, and payroll.
According to Circle's CTO, Nikhil Chandhok, stablecoins are the catalyst for opening new markets and businesses. Climbing the ladder of success, CPN has accumulated 20 design partners, including Flutterwave, CoinMENA, Coins.ph, WorldRemit, and Yellow Card.
Connecting with financial powerhouses, CPN allows banks and institutions to onboard through a single tech stack, giving them a competitive edge. Supporting this revolutionary system, Circle has onboarded global financial heavyweights such as Deutsche Bank, Santander, Standard Chartered, and Societe Generale, serving as advisors.
Committed to shaping the new world of payments, Circle is investing not only in stablecoins but also in developing the freshest payment system of the twenty-first century. The passage of the STABLE Act provides Clarke with clear guidelines, giving them confidence to accelerate the launch of more stablecoins.
With ambitions to stand among the world's top payment companies, CPN's groundbreaking system offers a promising advantage for companies craving change.
Bonus Knowledge:
CPN's defining features include near-instant, 24/7 settlement, use of stablecoins, seamless cross-border payments, programmable money, superior security, extensive global reach, and lower transaction costs, differentiating it from Ripple Payments. By channelling its strengths in real-time settlement, broader financial institution integration, programmability, stablecoin ecosystem leverage, and cost and speed efficiency, CPN aspires to take on Ripple's On-Demand Liquidity (ODL) and reshape cross-border money transfers with blockchain technology.
Also Read: Circle and BitGo Plan Bank Push as Trump Backs Crypto
- Circle's Circle Payments Network (CPN) utilizes stablecoins, such as USDC and EURC, to offer a competitive edge to financial institutions, enabling near-instant, 24/7 settlement and seamless cross-border payments.
- CPN's advanced technology allows banks and institutions to onboard using a single tech stack, leveraging programmable money, superior security, and an extensive global reach, differentiating it from Ripple Payments.
- With design partners like Flutterwave, WorldRemit, and Deutsche Bank onboard as advisors, CPN aspires to challenge Ripple Payments' On-Demand Liquidity (ODL) and reshape cross-border money transfers using blockchain technology.
- The advantage of CPN lies in its focus on stablecoins and developing a forward-thinking payment system, aligning with Circle's goal of shaping the new world of finance and opening new markets and businesses.
