Circle has officially launched the Circle Payments Network (CPN) Mainnet, marking a milestone in stablecoin-powered payments. The CPN Mainnet enables real-time settlement using the USD Coin (USDC), facilitating cross-border transactions.
Circle, the company behind the USD Coin (USDC) stablecoin, has launched the Circle Payments Network (CPN) Mainnet. The network will enable real-time settlement using USDC, facilitating cross-border transactions.
The launch signifies a step forward in the adoption of stablecoin technology for payments. As part of a broader experiment to allow individuals to build their own money in a cooperative manner, it also lessens the dependence on banks or governments for monetary functions.
The CPN is being launched in collaboration with SWIFT, a messaging service used by thousands of banks worldwide for cross-border payments, and several integrators, including Hashkey and iEXChain.
The initiative aims to provide a faster, cheaper, and more transparent alternative to traditional cross-border payment systems. Currently, such payments can take several days to process and are subject to high fees and limited transparency.
With the CPN Mainnet, payments will be completed in minutes or less, and the cost will be significantly lower than traditional systems. Moreover, all transactions on the network are recorded on a public blockchain, ensuring maximum transparency and accountability.
"Today marks a turning point in the history of money, and we invite everyone to join us on this exciting journey," said Jeremy Allaire, CEO and co-founder of Circle.
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