Circle Debuts New Global Payments Platform in NYC Launch Event

Key Takeaways

• Circle has introduced a new cross-border payments platform to challenge legacy giants like Visa and Mastercard.
• The launch comes on the heels of the company’s IPO filing with the New York Stock Exchange.
• Circle also introduced a Refund Protocol for stablecoin transactions, offering built-in on-chain dispute resolution.

In its latest push to reshape how money moves across borders, Circle has introduced a new payments network built around its stablecoin offerings.

The launch comes at a moment when traditional financial infrastructure is under renewed scrutiny, and regulators worldwide are rethinking how modern payments should work.

The new network also signals broader ambitions, ones that could bring Circle into more direct competition with traditional payment networks.

Circle Launches Stablecoin-Based Payments Network

Circle has officially launched a new payments network, CPN.

CPN is designed to support 24/7 real-time settlement for financial institutions and service providers.

According to Circle, the newly launched payments network is intended for use cases including invoice payments, remittances, payroll, and treasury operations.

Rather than moving funds directly, the network functions as a coordination layer that connects banks, payment companies, and other institutions. It is structured to support programmable and compliant transactions.

Circle said the system is “programmable, secure, and always available.” The company has partnered with more than 20 organizations during the launch phase, including dLocal, WorldRemit, BVNK and Yellow Card.

In a statement, Nikhil Chandhok, Circle’s Chief Product and Technology Officer, described the network as a tool for payment providers to expand into new markets.

The launch follows Circle’s ongoing efforts to develop infrastructure around stablecoins and reduce reliance on legacy financial systems.

The company said CPN is intended to lower transaction costs and improve speed and accessibility in global payments.

Taking Aim at the Payments Giants

With stablecoins gaining traction globally and regulatory frameworks starting to coalesce, Circle saw an opening to modernize global money movement.

The firm’s new platform is designed to place Circle in direct competition with established players like Visa and Mastercard.

Despite Circle’s growing influence and regulatory inroads, USDC still lags behind rival Tether’s (USDT) market share.

As of Q2 2025, USDC’s market cap stands at $60.17 billion compared to USDT’s $144.05 billion . Still, Circle is betting on transparency, compliance, and functionality to help it close that gap.

IPO Plans Add Fuel to the Fire

The launch comes just weeks after Circle filed to go public on the New York Stock Exchange under the ticker “CRCL.”

In 2024, Circle reported $1.68 billion in revenue and $155.7 million in net income, down from $267.5 million in profit the previous year.

While these figures show a year-over-year decline, Circle’s IPO push places it among a cohort of major tech firms—including Klarna and StubHub—seeking to test the public markets amid economic uncertainty and global tariff headwinds.

The company previously attempted an SPAC merger in 2021, which ultimately failed.

Introducing Refunds for Stablecoin Transactions

In addition to the payments platform, Circle has also rolled out a new Refund Protocol that could address one of the biggest gaps in stablecoin usability: dispute resolution.

Unveiled on April 17, the protocol introduces a non-custodial smart contract system enabling lockups, refunds, and third-party mediation for ERC-20 token payments.

“Stablecoin payments lack traditional refund and dispute mechanisms, making them similar to cash transactions,” Circle noted in a statement.

The Refund Protocol allows arbiters to resolve payment issues without taking custody of funds, while features like early withdrawals and arbiter-approved fees add flexibility for both payers and recipients.

“This builds on our earlier open-source releases for confidential and reversible payments,” said Allaire.