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Circle is stepping up its push for institutional payments infrastructure, arguing that stablecoin-based settlement systems can replace the batch-processing model still used across much of global finance.
In a paper published on 13 May, the USDC issuer said traditional payment and settlement rails have become increasingly inefficient for modern global commerce, citing delayed liquidity cycles, reconciliation costs, and working capital tied up across banking and treasury systems.
Circle said legacy systems rely on batch clearing and settlement windows, leaving capital idle for hours or days while transactions wait to be processed. It pointed to structures such as ACH transfers, card network reconciliation, and T+1 or T+2 settlement used in financial markets.
The paper positions continuous blockchain-based settlement as an alternative to legacy rails. Circle framed stablecoin settlement less as a retail crypto use case and more as enterprise financial infrastructure designed to improve how liquidity and settlement are managed.
According to the paper, businesses handling global payment flows increasingly want:
Circle cited estimates from PwC suggesting companies worldwide hold roughly $1.8 trillion in excess working capital, tied partly to settlement inefficiencies.
The paper also referenced data from the Bank for International Settlements indicating that around $2.2 trillion in foreign exchange trades face settlement risk daily while awaiting finalization.
Circle said its approach is focused on treasury optimization and operational efficiency rather than speculative crypto activity. It also suggested that real-time blockchain settlement could eventually support programmable payments, instant foreign exchange conversion, and automated liquidity services.
The publication comes as competition intensifies around regulated blockchain-based financial infrastructure in the United States. Major financial institutions and crypto firms are increasingly positioning stablecoins and tokenized assets as alternatives to traditional payment and settlement rails.
Circle’s paper was published shortly after JPMorgan Chase & Co filed for a tokenized money market fund intended to support stablecoin reserve management under the proposed GENIUS Act.
Circle also promoted its Circle Payments Network (CPN), which it described as compliance-ready infrastructure designed to connect banks, payment providers, and enterprises through blockchain settlement rails. Circle said it emphasizes interoperability with existing compliance, risk management, and institutional operational frameworks.
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