New Circle Partnerships: Finastra, Mastercard And XDC Network
New Circle Partnerships: Finastra, Mastercard And XDC Network. Photo By Morgane Le Breton On Unsplash.
Circle has announced significant partnerships aimed at enhancing the utility of its USDC stablecoin in cross-border payments, according to the company's press releases.
The first collaboration is with Finastra, a global leader in financial services software, to integrate USDC into its Global PAYplus (GPP) platform. This integration will allow banks to settle cross-border transactions using USDC, which is designed to provide faster and cheaper alternatives to traditional correspondent banking systems.
CEO Chris Walters expressed the partnership's impact:
This collaboration is about giving banks the tools they need to innovate in cross-border payments without having to build a standalone payment processing infrastructure. By connecting Finastra’s payment hub to Circle’s stablecoin infrastructure, we can help our clients access innovative settlement options.
Finastra's GPP processes over $5 trillion in daily cross-border payment flows, making this partnership a pivotal step in modernizing payment workflows for banking partners and service providers.
In a parallel development, Mastercard has expanded its partnership with Circle to enable merchants and acquirers in Eastern Europe, Middle East, and Africa (EEMEA) regions to settle transactions in USDC and EURC. Specifically, the new development of the partnership sees to assist institutions such as Arab Financial Services and EazyPay.
President for these regions Dimitrios Dosis stated that:
“This is a key move for Mastercard. Our strategic goal is to integrate stablecoins into the financial mainstream by investing in the infrastructure, governance, and partnerships to support this exciting payment evolution from fiat to tokenized and programmable money. Through our expanded partnership with Circle, we are taking bold steps in integrating their innovative use across our global network. We know that trust is essential to scale, and we are proud to play a leading role by applying our decades of experience in security and compliance to the stablecoin space,”
Mastercard continues to expand its crypto-native services with key product innovations, such as their new crypto security features 'Crypto Credential' and 'Crypto Secure' that allows partners to have better digital identity verifications and fraud preventions.
Additionally, Circle is set to launch its Cross-Chain Transfer Protocol (CCTP) V2 on the XDC Network, a top 100 chain that has been prioritizing the tokenization of traditional assets and derivatives. With 450M transactions already in the books and over 2M user addresses, the delegated Proof of Stake blockchain has been actively building in the trade finance space with supporters such as Archax and 21Shares, as well as over 170 other projects in its ecosystem.
Note: This is intended for informational purposes only and does not in any way constitute or solicit financial, professional, or legal advice. Readers should conduct due diligence at all times.
This article has been partly researched and aggregated with the help of AI and does not pertain to be an exclusive story. For specific media and public information referenced, please find it below.
https://www.finastra.com/solutions/global-payplus
https://www.mastercard.com/global/en/business/issuers/crypto/crypto-credential.html
https://b2b.mastercard.com/crypto-secure/
https://www.circle.com/blog/usdc-cctp-v2-are-coming-soon-to-xdc-network-what-you-need-to-know
