Finastra Integrates Circle’s USDC for $5 Trillion Cross-Border Payments
Finastra, a financial technology provider, will integrate its payments hub with Circle's USDC stablecoin for cross-border transfers. Key points include:
- Integration starts with Finastra’s Global PAYplus, which handles over $5 trillion in daily cross-border payments.
- Stablecoins are being evaluated by major banks as alternatives to traditional settlement methods.
- Competitors like Stripe and PayPal have established their own stablecoin frameworks.
- Stablecoins enable near-instant settlements at lower costs using blockchain technology.
- Coinbase estimates the stablecoin market could grow to $1.2 trillion by 2028, up from $270 billion.
- USDC is the second-largest stablecoin, with a supply of $69 billion.
- This integration aims to reduce reliance on costly correspondent networks.
- Circle is also developing a payment-focused blockchain called Arc.