Global payments reimagined

Circle’s cross-border payments solution differs from SWIFT wires powered by correspondent banking in the following ways:

• 24/7 settlement: USDC’s instant settlement vs. SWIFT’s end-of-business-day bulk settlement means that you lower your cost of capital and global liquidity needs.
• Fewer intermediaries: Circle’s cross-border payment solution does not require the involvement of correspondent banks. Payments go directly from sender to receiver regardless of which countries they’re in. As a result, correspondent banking fees and settlement delays and risks are minimized. Additionally, Circle’s solution makes it easier and cheaper to reach less-developed countries with suboptimal financial infrastructure.
• Receiver choice: Your recipient can receive either USDC or local currency depending on their personal preference. 
• Real-time visibility: You know where your funds are at all times. There is no guessing as to where they may be stuck in transit.

See how Felix uses USDC as a SWIFT alternative.

While other blockchain cross-border payments solutions are available, Circle’s solution sets itself apart from the rest because it is:

• Public: USDC is an open protocol that lives on public blockchains. This makes USDC more useful to recipients because they can off-ramp it or send it to others.
• Open and interoperable: USDC works across multiple blockchains and has deep liquidity in decentralized finance applications, meaning your holdings aren’t reliant on a single company for utility.
• Stable: USDC is redeemable 1:1 for US dollars for Circle Mint customers, making it a stable store of value as well as a payment mechanism.
• One-stop shop: Circle offers stablecoins, wallets, smart contracts and other blockchain development tools all under one roof.

Cross border payments with Circle and USDC are completed in three easy steps:

1. Access USDC: Access USDC using either Circle Mint, an exchange, or another liquidity provider.
2. Send USDC to recipient: Initiate a blockchain transaction to the wallet of the recipient over blockchain.
3. Distribute to beneficiaries: Beneficiaries can receive USDC in their wallets (see how you can create in-app wallets using Programmable Wallets) or they can receive local currency in their bank accounts. 

Traditional cross-border payments may be processed by correspondent banking networks, which can involve funds moving through multiple intermediary institutions that may each charge a fee and take a day or more to process each leg of the transaction.

Some regions lack adequate banking infrastructure, leading to unbanked or underbanked populations. In these cases, traditional payments may be difficult or impossible, while USDC cross-border payments can be completed with just an internet-connected device and a digital wallet, no bank account is required.

Circle’s cross-border payment solution is secure because it is built on USDC and leverages blockchain technology to complete transactions. Circle’s USDC reserves are transparent, audited monthly, and backed by cash and cash-equivalent assets.