Investing.com -- Circle Internet Group Inc., the provider of the world’s second-largest stablecoin, has plans to launch a payments network that will facilitate cross-border transactions using stablecoins. This information comes from Bloomberg, citing sources who wished to remain anonymous, as they were discussing non-public plans.

The proposed network is being designed to connect financial institutions and technology firms. This includes payment service providers, digital wallet companies, and banking app providers. The goal is to allow real-time settlement of cross-border payments.

The launch of the Circle Payments Network was first reported by Coindesk. The plans by Circle underscore a growing trend among both cryptocurrency-focused and traditional financial firms to leverage stablecoins for the quicker and more cost-effective transfer of money.

Currently, cross-border payments are typically dependent on a correspondent banking system. This system often results in settlement delays and extra costs due to the involvement of intermediaries. The new network by Circle aims to address these issues by leveraging the benefits of stablecoins.

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