Circle Internet Group Inc. is working with Matera Inc., a developer of banking technology

In the collaboration, Matera will integrate its Digital Twin real-time ledger with Circle's platform to support routine payments

Circle Internet Group Inc. is collaborating with Matera Inc., a developer of banking technology, to accelerate the adoption of stablecoins by individuals and companies, the two firms announced Wednesday.

As part of the partnership, Matera will be integrating its Digital Twin real-time ledger with Circle’s platform to support routine payments using Circle’s USDC coin.

The move is designed to advance stablecoins beyond their role as a store of value and establish them as a routine medium of exchange, they said.

The link from Circle to the Digital Twin ledger will support immediate transactions without the need for banks to build out "complex infrastructure," they said, adding the integration will feature links to local payment networks in key parts of the world, such as the PIX system in Brazil.

“We are ushering in a new layer of global banking infrastructure,” said Carlos Netto, Matera’s chief executive. “Interoperability between stablecoins and local currency accounts is no longer a side project—it’s now at the heart of the financial system.”

New York City-based Circle went public last week in a move that saw its shares rapidly increase in value. They started the day with an opening price of $69 and by the time trading closed on Friday they were up to $103.75. In the early hours of Wednesday the stock was trading at just shy of $113 per share.

Philadelphia-based Matera has operations in both Brazil and the United States, and also maintains an office in Canada.

Its primary focus is on developing technology that can be used to improve the efficiency and effectiveness of financial institutions.

Earlier this week, PayPal Holdings Inc. said it plans to launch its PayPal USD stablecoin on the Stellar network for broader use in everyday payments, pending approval from the New York State Department of Financial Services.

PayPal USD is currently available on the Ethereum and Solana blockchains, and the addition of the Stellar network would further increase the reach and accessibility of PYUSD for cross-border payments and other use cases, PayPal said.

“As we see cross-border payments being a key area where digital currencies can provide real-world value, working with Stellar will help advance the use of this technology and provide benefits for all users,” said May Zabaneh, vice president of the Blockchain, Cryptocurrency, and Digital Currency Group at PayPal.

PayPal first entered the cryptocurrency space in 2020 with the introduction of its cryptocurrency services. In July this year, the online payments giant unveiled its own stablecoin, fully backed by U.S. bank deposits and linked to the U.S. dollar.