Circle, the platform that owns $60 billion USDC, is now launching a remittance network. This new network will facilitate payments and all cross-border remittances. The platform is supposed to go live on Tuesday.
What’s Behind the Move
This launch will accommodate banks, payment service providers, and remittance providers under the same roof. Tomorrow, Circle CEO Jeremy Allaire could be sharing the real vision behind the move.
Circle is on the verge of revolutionizing the payment space. CoinDesk CEO also sees immense potential in this new vendor.
Global changes triggered Circle to make this move. Now the coin will experience more incipient regulations as the stablecoin space opens up further.
Meanwhile, their biggest rival Tether has also joined the party. Investors say they’re happy that Circle is finally making a big move again. The platform that has been serving the crypto tribe for so long is finally making a major comeback as a payments company.
Now, Circle will be serving a broader niche and gaining more traction from the crypto community. Sources say that Circle might be apparently aiming at the remittance market. However, the real goal of the company is to go over the bigger rivals Visa and MasterCard.
But why concentrate on crypto and more specifically on stablecoins?
Experts feel that stablecoins now have the right traction that payment providers could use. The disruptive exchange of crypto globally is creating a pathway for vendors to cash in.
Every day, payment providers in the crypto world facilitate billions of payments. Meanwhile, most transactions are made through USD pegged stablecoins like USDC and USDT.
But the future could belong to Circle if the company makes the right moves and fills the untapped space correctly!
