Circle Payments Network (CPN)

Circle Internet Group, Inc. (NYSE: CRCL) is the issuer of the USDC and EURC stablecoins and a full-stack platform for internet-based financial services. It holds 55 licences globally, including US money transmitter licences, a New York BitLicense, MiCA-compliant e-money licences in the EU and a Major Payment Institution licence from MAS in Singapore.

Circle Payments Network (CPN) connects regulated financial institutions so they can move money across borders and settle with each other in stablecoins, mainly USDC and EURC, while customers send and receive fiat. Circle acts as network operator and standard-setter: it writes the CPN Rules, provides developer APIs and does not move funds itself. Only institutions that meet eligibility checks can join, and the network enforces the FATF Travel Rule and a Trust Engine for counterparty criteria. Settlement runs on multiple blockchains, with Arc as a preferred layer. Participants include Thunes, Nium, dLocal, MoneyGram, Tazapay, Fireblocks and Wirex.

• Stablecoin settlement: Institutions settle directly with each other in USDC or EURC.
• Fiat payments: Senders and recipients transact in local currency while settlement happens onchain.
• Travel Rule enforcement: Required originator and beneficiary data is exchanged under FATF guidance.
• Trust Engine: Participants set transaction and counterparty criteria for whom they deal with.
• Multichain support: Works across Ethereum, Polygon, Solana, other EVM chains and Arc.
• Developer APIs: Provide self-serve stablecoin payment and treasury functions.

A Vietnamese payment intermediary or bank partner can receive inbound remittances settled in USDC and pay out in VND to local accounts. An exporter's payment provider can settle supplier payments with partners in other corridors without correspondent banks. A regional payroll platform can pay overseas contractors through network payout partners.

Banks and payment companies can add near-instant cross-border settlement without building correspondent banking links in each corridor. A single integration reaches fiat payouts to local accounts in more than 180 countries through network partners. Built-in Travel Rule enforcement and participant eligibility checks reduce compliance work, and stablecoin settlement helps cut prefunding needs across corridors.

Regulated stablecoins are moving from crypto trading into mainstream cross-border payments, with banks, remittance firms and payout networks adopting them for faster settlement. Southeast Asia, a major remittance and trade region, is seeing licensed payment firms add stablecoin rails, and Vietnam is piloting a legal framework for digital assets.

Listed on the NYSE as Circle Internet Group, Inc. (CRCL). Holds 55 licences, including US money transmitter licences in 46 states, NYDFS BitLicense, ACPR and FCA e-money licences, a MAS Major Payment Institution licence and ADGM/DFSA approvals. CPN reported 8.3 billion USD in annualised transaction volume as of March 2026; Arc mainnet launched in September 2026.