Circle has recently launched its new Circle Bills Community (CPN), stirring the world of Crypto and Fintech. This new network offers a fast, cheap and effective solution for cross-border payments worldwide. The purpose of Circle is to give a direct competition to Ripple Bills and its token XRP.
What is Circle Bills Community (CPN)?
CPN is a global payment system designed by Circle especially designed for financial institutions. This network circle’s two stablecoins USDC And uses EURC, so that payments can be settled in real-time or almost real-time. The purpose of this network is to eliminate problems like slow speed, high fees and intermediate of traditional payment systems.
Invoice, Remittens and Contractor Payments will be used
Circle says that CPN is especially made keeping in mind the needs where fast and reliable payments are required. This includes:
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Bill Settlements
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Remittans (Money sent by migrant workers)
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Treasury control
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Contractor and Freelancer Bills
Circle’s vision is that this network is so comfortable for banks and financial institutions that they can easily integrate it into their system.
Big companies have become partners
Cto Nikhil Chandhok of Circle told that Stablecoins New markets are extremely important to open and enable new business models. CPN is already moving in the right direction. So far 20 design partners have joined this network, including:
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Flutterwave
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Coinmena
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Cash.ph
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Worldremit
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Yellow card
In addition, Global Financial Institutions like Deutsche Storage, Santander, Usual Chartered and Societe Generale have been included as advisors by Circle.
Legal base from Stable Employment
This is the step taken at the right time for Circle, as recently passed Stable Employment, which provides a clear regulatory guidelines for stablecoin operations. This will not only help Circle to strengthen its network, but it is also confident of launching new stables in the market.
Conclusion
The launch of Circle Bills Community is a big step in the direction where crypto and traditional finance are meeting. This network of Circle, while challenging RIPPLE and XRP directly, assures the financial institution of faster, cheap and easy payments. CPN’s vision and strong technological framework can make it the next big payment system of the 21st century.
