Circle Enables Seamless International Payments Using USDC
- Circle builds upon the existing financial system by allowing its users to interact with stablecoins.
- The platform uses USDC to transfer value, and settles the transactions in fiat currencies.
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In a blog post published on 17 March, Circle explained its Payments service will provide businesses around the world with much-needed flexibility when it comes to settlement. Jeremy Allaire, the CEO of Circle, said the entire business model of extracting huge tolls for the movement of value is set to go away completely, and be replaced with blockchain-based solutions such as Circle.
Circle’s Payments service enables users to transact in USDC regardless of their native fiat currency. This means that sending USDC through Circle to a bank account in the U.K. will see the transaction settle in GBP. When purchasing something from a Circle Payments user in GBP, the transaction would settle in USDC. International customers are also able to make debit and credit card purchases in their respective currencies, with the option to settle either USDC or fiat currency into a connected traditional bank account.
The main use case for Circle’s Payments service is improving global payments processing and the existing financial system, by allowing Circle users to seamlessly interact with stablecoins. The new service enables users to accept payments from bank wires, ACH transfers, credit and debit cards, as well as Silvergate Network Exchange (SEN).
Aside from enabling international payments, Circle Payments also provides users with an on-ramp to the decentralized finance market. The platform’s native stablecoin can be transferred to any USDC wallet on exchanges or DeFi apps, allowing users to interact with crypto capital markets.
- The digital ID project said Orb Operators received USDC payments as part of the project’s transitional phase after launch, and now that it is nearing its end Worldcoin will be switching to WLD payments.
- Worldcoin warned Orb Operators to check if they can claim rewards in their region as WLD are not available in the United States and “certain other restricted territories”.
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- SVB Financial Group has filed for a Chapter 11 court-supervised reorganization in the U.S. in order to “preserve value”.
- The company stressed it is no longer affiliated with Silicon Valley Bank, the closure of which sent ripples across the crypto industry.
- Despite the events of last week, Circle has been able to clear almost all USDC backlog, and redeemed $3.8 billions USDC between March 13 and March 15.
- The stablecoin issuer also went live with a new transaction banking partner for both domestic and international wires, and expects to bring more capabilities back soon.