Key Takeaways
- RedotPay users can now send money directly to Brazilian bank accounts using the Circle Payment Network (CPN).
- The fintech company is among the first four Circle partners to integrate CPN.
- Stablecoins like Circle’s USDC are increasingly viewed as a key payment infrastructure.
In April, Circle debuted the Circle Payments Network (CPN), a new global platform that uses stablecoins to power cross-border money transfers between financial institutions.
Financial technology (fintech) companies focused on cross-border payments and remittances have been among the first to adopt CPN, which onboarded its fourth major partner, RedotPay, on Monday, June 2.
Circle Payment Network Adoption
While CPN officially launched in April, the CPN mainnet didn’t go live until May 21, when Circle announced that four fintechs—Conduit, RedotPay, Alfred Pay and Tazapay—were plugged into the network.
Global business payments platform Conduit integrated CPN to power fiat-to-USDC flows into Mexico.
Another cross-border payments solution, Tazapay, has integrated CPN to support fiat disbursements into Hong Kong.
Meanwhile, Alfred Pay plans to use the network to enable stablecoin-to-fiat transfers via PIX and SPEI, popular fiat payment rails in Mexico and Brazil.
In the latest fintech integration, RedotPay announced on Monday, June 2, that users would be able to send stablecoins directly to Brazilian bank accounts, with funds automatically converted into Brazilian Real upon arrival.
Stablecoins as a Key Payment Infrastructure
While Circle has always positioned stablecoins as a faster, more efficient alternative to legacy cross-border payment rails, CPN advances that role by automating fiat conversions.
Similar platforms are also offered by Stripe and Coinbase, which offer USDC transfers with automatic payouts in a range of currencies.
Meanwhile, an emerging roster of fintechs, including Ramp Network, BVNK, Transak and MoonPay, are building bank-to-bank and wallet-to-bank payment rails that support USDC, USDt and other popular stablecoins.
TradFi Catching up with Fintech Innovation
Although products like CPN are often viewed as an alternative to traditional transfer networks like SWIFT and Visa, legacy payment providers have also started to embrace stablecoins.
Both Visa and Mastercard now facilitate stablecoin acceptance for merchants and offer cards linked to stablecoin balances.
Meanwhile, SWIFT is actively exploring how to integrate stablecoins into its existing infrastructure, which currently dominates the market for international transfers.
Finally, at the level of wholesale inter- and intrabank payments, large financial institutions like JPMorgan and Santander are increasingly looking to own and operate their own stablecoins, eliminating the need for fintech partners entirely.
