This collaboration brings together OpenPayd’s financial infrastructure and Circle Wallets’ stablecoin infrastructure to enable OpenPayd’s enterprise clients to use both traditional banking rails and blockchain-based networks to move and manage money globally, the companies said in a Tuesday (June 17) press release.
By offering seamless conversion between fiat currencies and Circle’s regulated stablecoin, USDC, this solution will provide OpenPayd’s clients with faster access to liquidity, lower settlement costs, and the ability to develop new use cases across payments, treasury and digital asset services, according to the release.
This addition expands the capabilities of OpenPayd’s platform that enables businesses to embed payments, accounts and trading into their own products, per the release. The platform currently processes over 130 billion euros (about $150 billion) annually.
“By expanding access to USDC across our platform, we’re extending our vision of becoming the universal financial infrastructure for a truly digital global economy,” OpenPayd CEO Iana Dimitrova said in the release.
Sanja Kon, vice president, partnerships and business development at Circle, said in the release: “OpenPayd’s scale and deep infrastructure expertise make them an essential partner in expanding access to USDC and advancing real-world stablecoin utility.”
In an earlier expansion of its platform, OpenPayd said in July that its clients can now make transactions via Pix, Brazil’s real-time payment network. The company said at the time that Pix local payments combat the challenges created by traditional fund transfer methods by being cheaper, more reliable and available 24/7.
In February 2024, OpenPayd partnered with TrueLayer to leverage TrueLayer’s open banking payment network throughout the United Kingdom and Europe and enhance the instant payment solutions OpenPayd offers its clients.
Circle Internet Group CEO Jeremy Allaire told Bloomberg Television Friday (June 13) that the stablecoin issuer sees opportunities to partner with a wide range of companies.
“It’s a tremendous opportunity as the world connects to this new form of currency on the internet,” Allaire said. “We see tremendous opportunities to collaborate with major technology firms, major payments companies, major financial institutions, and we already do.”
