Circle Challenges Ripple with USDC Network for Cross-Border Payments

  • Circle launches its USDC-based Payments Network, directly competing with Ripple‘s XRP-based RippleNet in the cross-border payments market.
  • Both companies target the $913 billion global remittance market, promising lower fees and faster settlements than traditional banking systems.
  • Circle’s USDC has significantly larger trading volume at $9.8 billion compared to Ripple’s RLUSD at $55 million, though both claim extensive financial partnerships.

Circle has launched its Circle Payments Network utilizing USDC for cross-border transactions, positioning itself as a direct competitor to Ripple’s RippleNet which uses XRP for similar services. Both crypto giants are vying for dominance in global payment settlement rails, focusing on transferring USD value between banks using blockchain technology.

- Advertisement -

Circle brings its $61 billion USDC stablecoin to the competition, while Ripple counters with its smaller but compliant RLUSD. According to market data, USDC’s 24-hour trading volume stands at approximately $9.8 billion, dwarfing RLUSD’s $55 million – a difference of 99.4%.

In its recent announcement, Circle echoed Ripple’s longstanding complaints about traditional cross-border payments, noting they typically "take longer than one business day to settle and cost more than 6%." Both companies emphasize how their crypto solutions can reduce fees, improve payment efficiency, and better serve emerging markets.

Battle for Banking Partnerships

Despite being the newer entrant, Circle has secured partnerships with major financial institutions including Santander, Deutsche Bank, Société Générale, and Standard Chartered. The company reports relationships with over 500 financial allies, while Ripple claims connections with thousands of partners.

Both companies emphasize regulatory compliance across global jurisdictions. Ripple highlights its victory against the Securities and Exchange Commission (SEC), while Circle notes it has avoided SEC litigation entirely. The competitors also promote their 24/7 operational capabilities, addressing limitations of traditional banking hours.

Targeting the $913 Billion Remittance Market

- Advertisement -

Circle and Ripple both cite World Bank estimates that place the global remittance market at approximately $913 billion in 2024. Each company positions its technology as the solution to lower fees and improve efficiency in this massive market.

Circle’s Payments Network will utilize regulated stablecoins including USDC and EURC on established blockchains like Ethereum. The company advertises enhanced customization options through improved APIs and technical infrastructure compared to Ripple’s XRP-based solutions.

While Ripple has a longer history in the cross-border payments space, having worked with financial institutions for years, Circle is confident its technology can compete effectively despite its comparative youth in the market.

- Advertisement -

✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.

Previous Articles:

- Advertisement -

Latest

Bitcoin Recovers Above $101K After US-Israel Strikes on Iran

Bitcoin recovered above $101,000 after an initial drop following U.S. and Israeli airstrikes on Iranian nuclear sites. Currencies like oil and Gold saw brief surges...

B3 Unveils Crypto Gaming PC With Self-Destruct Security Drive

B3 acquired gaming PC maker Andromeda Insights, enabling a unified gaming protocol, software, and hardware stack. Their new product, B3PC, is a gaming PC with...

Haveno DEX and RetoSwap Release v1.1.2 With Major UI Upgrades

Key Monero ecosystem tools, including Haveno DEX and P2Pool, released updates focused on user experience and security.Monero mining guides for 2025 and secure wallet...

Barron Trump Linked to $40 Million Earnings via Family Crypto Venture

Barron Trump, the youngest son of the former U.S. president, is reported to have earned up to $40 million from his family's cryptocurrency business,...

Solana (SOL) Drops 8% After US Strikes on Iranian Nuclear Sites

Solana (SOL) fell 8.33% to $128.82 following rising geopolitical tensions involving reported U.S. military action in Iran.The token dropped sharply from $140.39 to $127.25,...

Must Read

Forex Trading Vs Crypto Trading: Which One Should You Choose?

So you're trying to decide between two types of trading: Forex and cryptocurrency.Forex trading is the big player in the trading world, with lots...