Circle Payments Network Could Threaten XRP Payments Dominance AllinCrypto April 24, 2025
USDC issuer Circle has announced the Circle Payments Network, a new network for financial institutions that may be able to challenge SWIFT’s current foothold on payments networks and Ripple’s Payment network growth.
The new network will utilize stablecoins at its core, with USDC and EURC mentioned as key tokens that will facilitate cross-border transactions, working with financial institutions.
The news comes as President Trump pushes the STABLE Act through Congress. Once approved, the act will facilitate the adoption of stablecoins in everyday financial situations.
Circle Payments Network to usher in stablecoin cross-border payment dominance
Circle announced the Circle Payments Network on April 21, calling the upcoming network a streamlined way for financial institutions to process cross-border payments using stablecoins.
The 24/7 network is joined by partners including dLocal, World Remit, BVNK Finance, Coins.ph, the largest Philippine-based fiat and crypto wallet, and many more.
Nikhil Chandhok, Chief Product & Technology Officer:
“By orchestrating stablecoin payments, Circle Payments Network enables payment providers to unlock new markets and new business models faster than ever before.”
Banking advisors for CPN include Deutsche Bank, Santander, and Standard Chartered, signifying the reach of the CPN and possibilities that Circle could rival SWIFT’s existing payment network or even Ripple Payments, utilizing XRP.
The way Circle Payments Network works is by acting as a bridge between the sender and the receiver, facilitating fast, low-cost cross-border payments.
For a sender, the financial institution will onramp fiat into a stablecoin such as USDC, which is then sent speedily over to another nation’s bank, who then offramps that stablecoin back into local fiat before sending it to the receiver.
The network acts almost identically to Ripple’s vision of a global, cross-border payment network, which could become challenging in the near future.
According to Circle, the new network will support invoices, payroll, and contractor payouts, remittances, and treasury services.
Ripple Payments vs CPN vs SWIFT
With President Trump pushing for stablecoin adoption in the US within 2025, there is a good chance we may soon see Circle’s USDC stablecoin, along with other regulated tokens such as EURC, being used in banking settings with financial organizations on a large scale.
Paul Atkins, who was recently sworn in on April 21, will also be pushing for more pro-crypto regulations in the US, which may further accelerate the adoption of Circle’s current initiative.
Questions about how Ripple Payments plans to combat the potential competition from Circle and its banking backers remain up in the air.
The post Circle Payments Network Could Threaten XRP Payments Dominance first appeared on AllinCrypto.
