TLDR
- Circle teams up with Mastercard to offer USDC settlement in the EEMEA region.
-
USDC will now settle cross-border payments through Finastra’s PAYplus platform.
-
Mastercard aims to integrate stablecoins into the global payment network.
-
Circle expands global liquidity with zero-fee USDC conversions through OKX.
Circle, the issuer of the USDC stablecoin, has taken significant steps to increase the adoption of USDC in global payments. In a new announcement, Circle unveiled partnerships with Mastercard and Finastra to integrate USDC into mainstream financial systems. This initiative seeks to simplify and expand the use of stablecoins across multiple regions, including Eastern Europe, the Middle East, Africa, and Asia.
These partnerships represent a major leap in Circle’s mission to make USDC a mainstream settlement method. Through these collaborations, USDC is positioned as a bridge between traditional finance and the blockchain ecosystem. Circle’s CEO, Jeremy Allaire, emphasized the company’s commitment to enhancing global liquidity and payment efficiencies using digital currencies.
Mastercard Expansion of USDC Settlement in EEMEA
Mastercard’s collaboration with Circle is a game-changer for the EEMEA (Eastern Europe, the Middle East, and Africa) region.
The payment giant has integrated USDC settlement into its payment network, enabling acquirers and merchants in these regions to settle transactions in USDC and Euro Coin (EURC). This marks the first time stablecoin settlement is available on Mastercard’s network in these areas.
Arab Financial Services and Eazy Financial Services will be the first adopters of this service, with plans for broader adoption throughout the region. According to Dimitrios Dosis, Mastercard’s President for EEMEA, the company’s goal is to integrate stablecoins into the financial mainstream by providing the infrastructure and governance necessary for its widespread use. This expansion aims to foster trust and security while enabling efficient cross-border payments.
Finastra Integrates USDC into Global PAYplus Platform
Finastra, a London-based financial software provider, has announced its integration of USDC into its Global PAYplus platform. This platform handles over $5 trillion in cross-border payments daily.
With this new integration, USDC will be used for settling international payments, even when the payment instructions are in traditional fiat currencies. This offers a seamless method for banks in 50 countries to process cross-border transactions in USDC.
Finastra’s move is part of a broader effort to support stablecoins in enhancing international payments. By using USDC for settlements, Finastra enables banks to take advantage of the benefits of blockchain technology while maintaining their traditional systems. This integration is expected to improve payment efficiency and reduce friction in global transactions, ensuring secure, real-time settlements.
Circle Global Focus and Future Plans
Circle’s push for global adoption continues with a focus on major international markets. The company’s partnership with OKX, a leading cryptocurrency exchange, introduces zero-fee USDC conversions to US dollars, further enhancing the liquidity of USDC in markets across Asia, the Middle East, and Europe.
This collaboration facilitates easier access to USDC, making it a more attractive option for traders and investors.
In addition, Circle’s strategic focus on Japan includes a joint venture with SBI Group, Ripple, and Startale to promote USDC adoption in the country. This partnership is working to establish a tokenized asset trading platform for real-world assets, which will help foster deeper market integration for USDC. These efforts highlight Circle’s goal of creating a comprehensive ecosystem that bridges the gap between traditional and digital financial systems.
