Circle Launches CPN for Stablecoin Cross-Border Payments, Targeting Africa and Beyond
Circle has launched the Circle Payments Network (CPN), a significant development for stablecoin-powered cross-border payments, particularly in Africa. The network supports various payment types and is opening stablecoin corridors across Latin America and Asia. Circle has expressed its ambition to expand further, with Flutterwave highlighting the partnership as a major step forward for African enterprises and the diaspora.
CPN supports B2B supplier payments, cross-border remittances, and payroll disbursements. It enables real-time cross-border payments using $USDC on public blockchains. The mainnet participants include Alfred, TazaPay, ConduitPay, and RedotPay. Circle is exploring expansion to additional regions including Nigeria, the EU, UK, Colombia, India, UAE, China, Turkey, Philippines, Vietnam, and Argentina. The network has garnered significant interest from African fintechs, with 28 leading companies partnering with Circle.
Circle's CEO, Jeremy Allaire, stated, 'We're just getting started.' There is no available information about the partnership between 28 leading African fintechs and Circle for the operation of the CPN stablecoin network.
Circle's CPN is set to revolutionize cross-border payments, with its stablecoin corridors and support for various payment types. The network's expansion to additional regions and partnerships with African fintechs indicate a promising future for stablecoin adoption in global transactions.
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