Global currency transfer pioneer Corpay teams up with digital payment platform Circle, aiming to introduce secure and steadfast digital coin transactions via global foreign exchange and commercial card networks.
Corpay, a leading provider of cross-border payment solutions, has announced a groundbreaking collaboration with Circle Internet Group, Inc. (NYSE: CRCL). This partnership aims to embed the USDC stablecoin into Corpay's card payments and cross-border FX, offering enterprise-grade stablecoin utility.
Kash Razzaghi, Chief Business Officer at Circle, expressed that this partnership marks the next stage in global money transfer. It offers faster, more transparent transactions with the power of blockchain infrastructure.
The collaboration will provide global businesses significant benefits by integrating Circle’s USDC stablecoin into Corpay’s cross-border payment infrastructure. Key advantages include:
- 24/7 Settlement: Businesses can execute cross-border payments at any time, avoiding delays tied to traditional banking hours and time zones, thus accelerating transaction speed globally.
- Stable, Predictable Currency: USDC is a stablecoin pegged 1:1 to the US dollar, minimizing the volatility risks commonly associated with cryptocurrencies and providing security and predictability for international financial operations.
- Enhanced Liquidity: The partnership offers seamless liquidity on a global scale, making funds more readily available for businesses’ foreign exchange and payment needs.
- Programmability and Automation: Corpay’s integration of USDC allows businesses to leverage programmable payments, automating and streamlining processes for improved efficiency and financial control.
- Enterprise-Grade Compliance: The collaboration supports compliance with regulatory standards, helping businesses navigate regulatory complexities in global payments.
- Broader Market Reach: This partnership taps into Corpay’s worldwide FX and commercial card networks combined with Circle’s stablecoin infrastructure, opening more flexible and innovative payment channels for businesses engaging in cross-border trade.
Mark Frey, Group President at Corpay Cross-Border Solutions, stated that the collaboration with Circle will provide clients with a new real-time payment option that complements their existing trust in payment networks. Corpay is working to enable its commercial card products-including fleet, purchasing, and travel cards-to draw directly from USDC balances.
By integrating USDC into their funding and disbursement capabilities, Corpay aims to unlock programmable controls. Clients will be able to fund Corpay-branded digital wallets-powered by Circle Wallets-instantly, enabling onchain settlement and seamless currency conversion alongside traditional fiat balances.
The partnership is expected to deliver 24/7 liquidity without altering the way businesses currently transact. According to Mark Frey, the partnership will not change the way businesses transact today.
Kash Razzaghi emphasized that the collaboration upholds the compliance and reliability standards that global businesses demand. Businesses can fund transactions in USDC (and where available, EURC), with payouts in local currencies across 80+ countries.
The collaboration aims to embed USDC across Corpay's cross-border pay-in and pay-out rails. The partnership between Corpay and Circle is positioned to offer a new, faster, more transparent, and blockchain-powered method for global money transfer.
Corpay will integrate Circle Mint and related APIs, enabling clients to access and manage USDC directly through Corpay's platform. This partnership represents a significant step forward in the adoption of stablecoins for cross-border payments and foreign exchange, offering businesses a more efficient, secure, and compliant method for global transactions.
[1] Source: Corpay Press Release [2] Source: Circle Press Release [3] Source: Coindesk [4] Source: Finextra [5] Source: The Block Crypto
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