TronWeekly

Crypto World News

You are here: Home / Archives for Circle

Circle

Circle Unveils First Bridged-to-Native USDC Upgrade for Linea Blockchain

by

  • Circle launches the first bridged-to-native USDC upgrade, ensuring seamless adoption.
  • Linea blockchain integrates native USDC with CCTP V2 for faster cross-chain transfers.
  • The upgrade eliminates liquidity fragmentation, keeping the same contract address.

Circle, the USDC stablecoin issuer, has announced important advancements for the Linea blockchain network. Linea blockchain plans to transition from bridged USDC (USDC.e) through an update that will introduce native USDC for better efficiency and usability in the ecosystem. The Linea blockchain becomes the first network to transition from bridged to native functionality providing numerous benefits for developers and improvements for apps and users.

Seamless Transition to Native USDC

Linea, a zero-knowledge Ethereum Virtual Machine (zkEVM) Layer-2 blockchain, will be the first to upgrade its bridged USDC to native USDC. Circle’s upgrade will eliminate the need for any action from developers or users. Native USDC (USDC) will automatically replace bridged USDC (USDC.e) through an automatic process requiring no asset swaps or code updates.

image 19
Source; Circle

The automated conversion process delivers various benefits, including lower liquidity fragmentation because users no longer have to handle multiple assets. The contract address will continue in service with no changes to simplify how everything operates. Through uninterrupted app performance and transactions the Linea ecosystem will maintain operational efficiency through this upgrade.

Key Features of the Upgrade

Moving to native USDC implementation brings various key advantages to the Linea blockchain infrastructure. The improved transaction speed and enhanced security deliver a superior user experience as a principal advantage. Integration with Circle’s Cross-Chain Transfer Protocol (CCTP) V2 Linea will establish seamless connectivity between Ethereum, Avalanche and Base protocols for simplified cross-chain transfers.

Through its burn-and-mint process the CCTP V2 enables secure blockchain transfers of USDC while being both capital-efficient and secure. This update will enhance settlement times through transactions that move at speeds faster than the finality. The platform delivers Circle Mint service to institutional users who meet requirements for business on/off ramp connectivity.

Upgrade Timeline and Process

Linea will initiate the upgrade process by halting USDC.e bridging operations starting from March 16. The ongoing bridging operations remain unaffected by this maintenance period yet all outstanding transactions within this period will settle. The bridged USDC contract ownership will transfer to Circle after the bridging pause ends. The company will then commence the native USDC transition process.

Users will observe USDC.e automatically transformed to USDC post-completion of the upgrade phase. The stablecoin remains usable for on-chain trading, spending and swapping operations throughout the upgrade process without disruptions. Through its support for CCTP V2 Circle enhances cross-chain capability which facilitates developer and user interaction with the entire blockchain sphere.

XLM Spikes 20%—TD Sequential Hints at Bigger Gains!

by

  • XLM buy signal appears on hourly chart, hinting at potential price rebound.
  • Stellar’s partnerships with Circle and Stripe signal a global payment revolution.
  • Stripe’s API hints at unannounced Stellar integration, fueling market anticipation.

Stellar’s XLM rose in tandem with the broader market to post 6% in the daily index. At one point, the token’s value soared nearly 20% in a few hours. Technical analysis shared by Ali Martinez reveals a potential price rebound as the TD Sequential indicator flashes a buy signal on the hourly chart.

Coupled with recent market activity, suggests XLM is gearing up for a significant surge, with some experts predicting a massive 330% rise.

XLM
Source: Coinmarketcap

What is fuelling this surge is powerful, yet overlooked, alliances. A deeper dive into the relationships between Stellar, Circle, and Stripe reveals a hidden connection that could revolutionize global payments. Stablecoin giant Circle’s strategic expansion of USDC onto the Stellar network in 2020, driven by the network’s ultra-fast settlement and negligible fees, paved the way for real-world applications.

Secondly, MoneyGram’s partnership with Stellar and Circle in 2021 further bridged traditional finance with digital assets, enabling cash-to-USDC conversions. Another major crypto player, Stripe’s re-entered the digital asset scene with USDC payments and its recent $1.1 billion acquisition of Bridge, a stablecoin infrastructure startup, solidifying this interconnected ecosystem.

image 5 5
Source: @GokuXLM

Additionally, the UNHCR’s adoption of Stellar Aid Assist, utilizing USDC on Stellar for aid delivery, underscores the network’s real-world impact. One key technical integrations, such as Stripe’s “stellar_usdc” API parameters, hint at an unannounced Stellar integration.

XLM’s Breakout Moment: Stellar’s Hidden Alliance with Circle and Stripe

Also, Circle’s enhanced support for cross-chain USDC transfers, aligning with Stripe’s merchant services, further strengthens this narrative.

Overall, all these developments suggest a silent construction of a new global payment infrastructure, with Stellar providing the settlement network, Circle offering stable digital dollars, and Stripe acting as the merchant/banking interface. The market anticipates an official announcement of Stripe’s Stellar integration, completing this powerful triangle and ushering in a new era of financial connectivity.

THE FINAL PIECE OF THE PUZZLE March 2025 (this month): Watch for announcements about Stripe’s expanded USDC support. My prediction: Stellar integration will be officially announced, completing the triangle and revealing what these three have been building toward all along.

Circle’s Allaire Calls for U.S. Stablecoin Registration of Global Stablecoin Issuers

by

  • Circle’s Allaire advocates for U.S. laws on global stablecoin issuers.
  • New bill introduced to regulate stablecoins amid growing market concerns.
  • Debate intensifies over transparency, compliance in stablecoin market.

Circle’s Jeremy Allaire argues that U.S. regulations are critical in the stablecoin market. He calls for all stablecoin issuers, no matter their location, to register under U.S. laws for enhanced  regulatory oversight.

Allaire Pushes for U.S. Stablecoin Regulation

Circle co-founder Jeremy Allaire has called for stablecoin issuers to be registered in the United States. He argued that stablecoins tied to the U.S. dollar should follow U.S. regulations to maintain financial integrity and consumer protection. Allaire’s comments come as stablecoins continue to face increased scrutiny, with U.S. lawmakers introducing new legislation to regulate these digital assets.

Allaire emphasized that stablecoin issuers, whether based offshore or in the U.S., should comply with U.S. laws if they wish to offer products to American consumers. He stressed that such regulations are crucial to ensure fairness and legal compliance for all issuers, irrespective of their location. He also stated that these regulations are essential to ensure financial stability and to protect consumers in the growing digital asset market.

Stablecoin Issuers Seek Regulatory Havens

Senator Bill Hagerty, a Republican from Tennessee, recently introduced legislation to create a framework for stablecoins. This legislative move follows President Donald Trump’s commitment to making the U.S. the global leader in crypto. Trump’s administration has expressed strong support for stablecoin issuers like Circle and Tether, signaling a potential shift in the regulatory landscape.

Circles Rival Tether relocates to El Salvador
Circle's Allaire Calls for U.S. Stablecoin Registration of Global Stablecoin Issuers 5

Circle is the issuer of USDC, the second-largest stablecoin after Tether’s USDT. Tether recently moved its headquarters to El Salvador, drawing attention to the growing trend of crypto companies relocating to jurisdictions with more favorable regulations. Nevertheless, Allaire called for stablecoin issuers to register in the U.S. to cater to American consumers, ensuring legal compliance.

Stablecoin Issuers Call for Standardized Regulations

The debate on stablecoin regulation has intensified, particularly with Tether’s reserve practices under scrutiny. Tether has faced criticism for a lack of transparency in its reserves, while Circle has positioned itself as a more transparent and compliant issuer. Allaire’s comments highlight the importance of a standardized global regulatory framework for stablecoins.

As discussions on stablecoin regulation gain momentum, all eyes are on the U.S. government to create a policy that balances innovation and consumer protection. The outcome will significantly shape the future of stablecoins and their role in global finance.

Ethena Raises $100M to Launch iUSDe to Revolutionize Traditional Finance

by

  • Ethena raises $100M to launch iUSDe for financial institutions.
  • USDe’s market cap hits $6B, securing its place in the top three.
  • Ethena partners with WFLI to expand DeFi offerings for TradFi.

Ethena, the developer behind the synthetic stablecoin USDe, has raised $100 million to support the launch of a new token,iUSDe , aimed at traditional financial institutions (TradFi).

Ethena Raises Funds to Launch iUSDe

USDe Stablecoin issuer, Ethena has raised $100 million to fund the launch of iUSDe. The funding round, which closed in December, saw participation from major investors such as Franklin Templeton and Fidelity Investments’ F-Prime Capital. Ethena plans to use this capital to develop a blockchain and introduce iUSDe, a token designed for regulated financial entities.

Ethena preparing to launch iUSDe. The new token will feature a “simple wrapper contract” that places transfer restrictions on it, making it suitable for use by regulated financial institutions. The project plans to roll out iUSDe in the first quarter of 2025 and aims to gain distribution partners within TradFi.

Price Action on ENA and USDe

The $100 million raised from the private sale of ENA tokens will be used for the continued development of Ethena’s blockchain and the introduction of iUSDe. The sale saw ENA tokens offered at an average price of $0.40, and the token briefly surged to a high of $1.30 in mid-December before a decline that saw significant loss in value. 

Ethena ENA Price Chart
Ethena Raises $100M to Launch iUSDe to Revolutionize Traditional Finance 7

As Ethena continues to push forward with its blockchain goals, the market remains on the lookout for how its offerings impact TradFi institutions.

USDe recently surged in popularity, reaching approximately $6 billion in market cap which positions it as the third-largest stablecoin. It now ranks behind Tether’s USDT and Circle’s USDC, which have market caps of $142 billion and $57 billion respectively. 

The stablecoin distinguishes itself by being synthetic, meaning it isn’t backed 1:1 by fiat assets but instead uses a combination of stablecoins and futures positions to maintain its peg.

Institutional Interest and Strategic Partnerships

Ethena has made headlines with its synthetic dollar which attracts investors and advisors such as Arthur Hayes of Maelstrom. Hayes has raised his fund’s exposure to USDe, which he views as a potential safe haven during periods of market volatility. However, the company now seeks to develop a version of USDe designed specifically for the TradFi sector.

Additionally, Ethena has entered into a strategic partnership with World Liberty Financial (WFLI), a decentralized finance project backed by former U.S. President Donald Trump. The collaboration will see the integration of sUSDe, a staked version of USDe, with WFLI’s Aave instance. This will allow users to earn rewards in both sUSDe and WFLI’s native token.

Ethena’s vision to integrate with traditional financial markets marks a significant step in bridging the gap between decentralized finance and established financial systems. The company remains focused on expanding its offerings and building a robust infrastructure that meets regulatory standards.

EU Approves 10 Stablecoin Issuers: Tether Left Out in Major Regulatory Shift

by

  • Tether’s exclusion raises questions on EU’s regulatory approach.
  • MiCA approval includes Circle, Crypto.com, and Fiat Republic.
  • Tether expands into energy, sports sectors amid EU regulations.

Tether, the world’s largest stablecoin issuer, faces exclusion from the EU’s MiCA stablecoin list. This decision sparks questions on the EU’s approach to digital asset regulations.

Tether’s Exclusion from EU Stablecoin List

The European Union has approved 10 firms to issue stablecoins under its Markets in Crypto-Assets (MiCA) framework. Among the approved issuers are Circle, Crypto.com, and Fiat Republic. However, Tether, the largest stablecoin issuer by market capitalization, is absent from the list.

MiCA regulations outline specific compliance standards for stablecoin issuers. These rules were designed to provide clarity and stability in the crypto market. Although several companies met the requirements, Tether was excluded, despite its dominance in the stablecoin market.

The approved firms include Circle, Banking Circle, Membrane Finance, and Quantoz Payments. These firms have issued a mix of euro-pegged and US dollar-pegged stablecoins. This regulatory framework represents a significant step in the EU’s effort to regulate the growth of the cryptocurrency sector.

List of Approved Issuers
EU Approves 10 Stablecoin Issuers: Tether Left Out in Major Regulatory Shift 9

Tether Shifts Focus

Tether’s exclusion from the MiCA-approved list raises questions about the EU’s regulatory approach. The company has expressed disappointment over the decision, calling it “hasty and unwarranted.” Tether’s exclusion underscores the balance between regulatory compliance and market presence.

Tether’s recent moves indicate a shift toward expansion of operations outside the EU. These shifts signal that Tether is adapting to regulatory pressures by seeking new markets and investment opportunities.

The company has increased its presence in sectors like sports and energy. It recently proposed acquiring a 51% stake in a South African energy company and invested in Juventus which signals a broader strategy to integrate digital assets into traditional industries.

MiCA Rules Threaten Innovation Within EU

As the EU enforces its MiCA rules, the region’s crypto market may face increased challenges. Critics argue that these regulations could hinder technological innovation and competitiveness. They warn that stricter compliance standards might prompt some crypto companies to relocate outside the EU.

Industry experts caution that the EU’s stringent regulations may isolate it from the global crypto market. Some argue that this could lead foreign firms to avoid operating in the region. On the other hand, some believe it may prompt local companies to consider relocating to jurisdictions with more favorable regulations.

The impact of MiCA regulations on the EU’s digital asset market remains uncertain. Although the framework aims to provide stability, some experts question its effect on market diversity. The potential for reduced competitiveness may push firms to explore opportunities outside the EU’s regulatory environment.

The EU’s MiCA regulations have set a high bar for stablecoin issuers.The future of the region’s crypto market may depend on how stablecoin firms respond to these regulatory challenges.

CFTC to Host CEO Forum: How Stablecoin Trading Could Shape Crypto Laws, Report

by

  • CFTC plans CEO forum to discuss stablecoin use and digital asset regulation with crypto industry leaders.
  • Forum aims to shape future U.S. approach to digital asset regulation, following CFTC’s ongoing crypto market adaptation.
  • CFTC’s pilot program will focus on stablecoin trading, addressing crypto industry demands for clearer regulation.

The US Commodity Trading Futures Commission (CFTC) has planned to conduct a CEO forum for the digital assets pilot plan that will involve the utilization of non-cash securities such as stablecoins. The event would have industry practitioners in attendance, some of which are Circle, Ripple, Coinbase and Crypto.com.

The main objective of the forum is to bring together heads of companies and discuss the prospects of the market of digital assets and the existing legislation. Caroline Pham, the acting CFTC Chair showed great interest to the forum, stating that CFTC is interested in developing the crypto market.  Pham said, 

“I look forward to engaging with market participants to deliver on the Trump Administration’s promise of ensuring that America leads the way on economic opportunity.”

CFTC’s Vision for Crypto Regulation

This decision comes after the CFTC has been relentlessly working in a bid to adapt to the needs of the dynamic cryptocurrency market. Since the early part of the new Millennium, and even prior to that in the late 1990s and the Commission had began to put down marker in a relative clear signal that it sought to advance pilot plans as future trends with consequences toward trying to rationalise the structure of the industry.

This decision comes after the CFTC has been relentlessly working in a bid to adapt to the needs of the dynamic cryptocurrency market. Since the early part of the new Millennium, and even prior to that in the late 1990s and the Commission had began to put down marker in a relative clear signal that it sought to advance pilot plans as future trends with consequences toward trying to rationalize the structure of the industry.

The forum is one of the measures that the CFTC has been putting in place to add structures that will contain the industry of the digital assets. This move replicates activities of the United States Securities and Exchange Commission that has created a crypto task force to oversee the space. The UK’s Financial Conduct Authority (FCA) has also not been left out in this bracket as it practiced these regulatory frameworks too.

Future of Crypto Regulation

Despite the lack of specifics on CFTC very elaborated plan of the Forum realization, the Commission has clearly stated it’s intention to reveal more details as soon as the specific steps are determined. It is believed that the forum will in one way or another determine how the Americans will approach and regulate assets of this type in the future.

The CFTC is to convene a pilot program to facilitate trading of stablecoins and non-cash collaterals because of increasing utility in the cryptocurrency market. As the popularization of the digital currency continues to exert pressure for better and more reasonable regulation on the sector, the platform move is considered as a good step towards the provision of the right framework to build the industry out. Altogether, the result of the work initiated in the context of these deliberations could determine the form of regulation of digital assets in the future years.

Circle’s Recibo: A Breakthrough for Merchants and Blockchain Payments

by

  1. Circle’s Recibo enables on-chain payment transactions with encrypted messages, enhancing real-world use cases like invoices and receipts.
  2. It integrates with ERC-20 tokens and supports gasless transactions.
  3. It provides a secure and flexible solution for merchants, financial institutions, and users to include encrypted data in payments.

This week, Circle’s CEO, Jeremy Allaire, shared the launch of Recibo, a groundbreaking open-source project designed to enhance blockchain transactions with encrypted messaging capabilities. Recibo allows users to include messages and metadata in their payments, such as invoices, receipts, and other necessary transaction details.

With this feature, Circle’s Recibo addresses a significant gap in the current blockchain payment ecosystem, particularly the absence of a message line in the widely-used ERC-20 standard.

Circle’s Recibo Enhances On-Chain Transactions

Currently, businesses face challenges when integrating traditional payment requirements like invoices and receipts into blockchain transactions. To solve this, Recibo enables encrypted messages to be attached to transactions on any Ethereum Virtual Machine (EVM) chain.

This addition facilitates accounting, tax payments, and regulatory compliance directly on the blockchain without the need for off-chain workarounds.

Merchants can now attach digital receipts to their transactions, while users can send shopping cart IDs or payment invoices along with their transfers. Additionally, Circle’s Recibo supports ISO20022 payment messages, mirroring functions seen in the SWIFT messaging network.

Key Functions and Gas Considerations

Recibo comes with four base routing transaction operations with messages: permitAndTransferFromWithMsg, permitWithMsg, transferFromWithMsg, and transferWithAuthorizationWithMsg. All four allow for sending of coins with supporting encrypted messages, providing added security and transparency in payments.

But at a cost, these new capabilities don’t come cheap. With Recibo, a transaction will pay approximately 10,000 gas, in addition to a minimum transaction fee. For larger messages, an additional 560 will be tacked on for every 100 bytes of message payload. Overhead, but an inexpensive one in comparison to off-chain architectures, at least for most messages.

Security and Flexibility

Recibo is secure and adaptable in its configuration. It can have its encoding and encodings supported for a variety of use cases, including supporting custodial wallets and adaptability in terms of cryptocurrencies. The scheme also identifies both the real receiver and originator of the encrypted messages, even in case of transactions between exchange wallets, seeming to them to have taken place between them.

However, Recibo comes with a caveat: it hasn’t been audited and is only published under an Apache 2.0 license for educational use. Users have been advised not to store sensitive information directly onto the public blockchain, even in an encrypted form, for key leak concerns. To mitigate this, Recibo suggests storing sensitive information off-chain and accessing it through revokable tokens.

Related Reading : What Are The Best Crypto Casinos Right Now? 5 Top Bitcoin Gambling Sites Online Listed (February Update)

Disclaimer:

The information provided on this website is intended for general informational purposes only and does not constitute professional financial advice. Users should conduct their own research and consult with a licensed financial advisor before making any investment decisions. By using this site, you acknowledge and accept that you are solely responsible for your investment choices and any associated risks.

Aptos Integrates USDC: No More Bridging, Full Stability Ahead

by

  • Circle launches USDC natively on Aptos, eliminating the need for cross-chain bridging.
  • Aptos developers gain access to stablecoin liquidity, fueling DeFi and payment innovations.
  • Future support for Cross-Chain Transfer Protocol (CCTP) will enhance blockchain interoperability.

Circle has officially launched USDC on the Aptos mainnet, marking a significant milestone for the blockchain’s ecosystem. This move enables developers and users to access USDC directly without relying on cross-chain bridges, simplifying transactions and reducing security risks.

The integration will make the network even more powerful in its role as a speedy and secure blockchain, particularly for financial use cases. With Circle Mint and its APIs backing USDC on Aptos in full with this launch, financial institutions gain direct access to liquidity in stablecoin.

Aptos, with its secure and expandable infrastructure, is growing its ecosystem at a breakneck pace, with over 200 applications in its portfolio today. With native USDC, the network’s capabilities in supporting a range of use cases such as DeFi, gaming, and cross-border commerce become even more robust.

The Power of Move and Aptos

The network, in terms of Move language, is designed to introduce a secure and developer-first platform for programs in blockchain. With its most important feature, such as unit testing and formal verification, Move introduces an efficient platform for developing programs in a decentralized manner. With such a feature, it is an ideal platform for developers to develop secure and high-performance financial programs.

The presence of USDC takes apt for its use, and developers can integrate a well-known, regulated stablecoin in their platforms. With growing use of its technology in developers and institutions, its blockchain is in a position for growing use in the environment of Web3.

Transitioning from Bridged to Native USDC

The network users have in the past leveraged a bridge variant of USDC, lzUSDC, relayed via Ethereum via LayerZero’s AptosBridge. However, it did not have direct redemption with Circle Mint. With native USDC, such an issue no longer comes about, and full compatibility and integrity for transactions can be assured.

Aptos, together with bridge providers such as Wormhole, is striving towards a seamless transition between lzUSDC and native stablecoin. Integration of CCTP in its future development will make Aptos even more interoperable, allowing for free transfers between several blockchains and several USDCs.

With this development, Aptos will become an even more powerful network for stablecoin-powered applications, strengthening its position in a changing digital economy.

Related | Dogecoin Set for a Historic Breakout as Cycle 3 Nears Completion

Disclaimer:

The information provided on this website is intended for general informational purposes only and does not constitute professional financial advice. Users should conduct their own research and consult with a licensed financial advisor before making any investment decisions. By using this site, you acknowledge and accept that you are solely responsible for your investment choices and any associated risks.

Circle’s Latest Breakthrough: Hashnote, DRW, and Canton Blockchain Lead the Way

by

Key Takeaways

  • Circle acquires Hashnote, the issuer of USYC, the world’s largest tokenized money market fund.
  • Strategic partnership with DRW to advance USDC and USYC in crypto and traditional finance.
  • Plans to launch USDC and USYC on the Canton blockchain for seamless collateral integration.

Circle Internet Group has made a significant move by acquiring Hashnote, the issuer behind USYC, a $1.52 billion tokenized treasury and money market fund. This takeover is in sync with Circle’s mission to fit USYC into its well-received stablecoin USDC and to set up an environment where tokenized cash and yield-bearing assets coexist wonderfully.

As stated in the press release, the convertible nature of USYC and USDC is expected to make stablecoin function, especially, first and foremost, its usage at institutional places such as crypto exchanges and prime brokerages.

The project’s key objective is to establish a connection between traditional finance (TradFi) and blockchain technology and provide an all-in-one solution for banks in their collateral management process through blockchain-enabled transparency and speed. Despite being acquired, its powers have grown, as it is targeting the top place on the list of tokenized markets and as a stablecoin leader accordingly.

DRW Partnership Brings Liquidity to Tokenized Assets

Circle partnered with DRW, a well-known trading company, to extend liquidity and settlement capabilities beyond USDC and USYC. This connection capitalizes on the expertise of DRW, which is the focus of the institutional presentation, showing how to use these tokens in both crypto and traditional financial markets the financial decision makers.

It is the endeavor to innovate and streamline collateral management, which, in turn, brings out the increasing usage of blockchain-based financial instruments around the world.

USYC is taking the central spotlight as a revenue-generating pie supported by reputable trading platforms. With DRW’s engagement, Circle targets to have USYC and USDC become the instruments that institutional participants rely on to better their financial position by enabling efficient liquidity.

Circle Targets Canton Blockchain for Expanded Reach

This will also be in addition to its roadmap for USDC on USYC using the Canton blockchain platform, widely used for privacy-centric financial applications. Canton already has integrations with several leading TradFi operators that are currently managing trillions in real-world assets and millions of repo transactions on a monthly basis.

Circle has joined hands with USDC natively, thus enabling the seamless 24/7 convertibility from tokenized assets to cash, thereby, allowing for greater interoperability in both crypto and traditional financial markets. Circle’s move is solidifying its role in the facilitation of blockchain solutions’s birth.

The company has guaranteed the adaptability of its products to the ever-changing requirements of modern finance. This has allowed the company to show that it is indeed steadfast in accomplishing its vision of creating a seamless financial ecosystem that can connect regulated and decentralized finance.

Related Reading | Ripple Alumni Reveals Strategy to Boost XRP Ledger Revenue by 400X

Circle’s Bold Step into the Middle East: ADGM and LuLuFin Partnership

by

  • Circle partners with LuLu Financial to streamline remittances and cross-border payments using USDC.
  • The collaboration targets key corridors between the Middle East, Asia, and Europe.
  • Circle establishes the ADGM entity, marking a significant milestone in its Middle East expansion.

Circle, the leading global digital financial technology, enters the Middle East by incorporating an entity within ADGM, Abu Dhabi Global Market, in line with its mission to modify financial systems with blockchain technology.

A key highpoint of the expansion is the partnership with LuLu Financial Holdings, a leading player in remittance and cross-border payments, powered by Circle’s USDC stablecoin.

Transforming Remittance Corridors

LuLuFin operates in the biggest high-traffic financial areas; the company manages more than $10 billion in yearly deals in the GCC, Asia, and beyond. It strives to grease the wheels in such cross-border payments using the USDC to provide heightened liquidity, reduce costs on a transactional level, and speed up the payment cycle.

The two businesses focus on remittance corridors involving the Middle East towards both Asia and Europe, with exceptionally strong demand for safe, efficient, transparent, and cost-friendly trans-border payment systems.

Jeremy Allaire, CEO of Circle, emphasized the transformative potential of this collaboration during Abu Dhabi Finance Week. He noted:

This partnership with LuLuFin marks a significant step forward in the evolution of cross-border payments within one of the world’s most dynamic remittance corridors.

Circle Targets Key Payment Corridors in the Middle East, Asia, and Europe

Circle’s entry into ADGM means a lot for its broader objective of increasing the circle of global financial inclusiveness through the deployment of blockchain solutions that are better integrated with traditional payment systems. In such a prospect, with USDC being more traceable and stable than ever, the company thus aims to bridge gaps in accessibility while facilitating seamless cross-border payments.

Adeeb Ahamed, Managing Director of LuLu Financial Holdings, highlighted the impact of blockchain in reshaping customer experiences, stating:

This collaboration with Circle marks another significant step forward in that journey, reinforcing our resolve to redefine remittance experiences with cutting-edge solutions.

Strengthening Abu Dhabi’s Financial Ecosystem

The move consolidates ADGM’s position as a global financial hub for choices in next-generation financial use. According to Miriam Kiwan, the vice president at Circle responsible for the Middle East and Africa, the partnership was an expression of the company’s commitment to changing cross-border payments.

She said it would enhance the benefits for businesses and people while stressing the potential of such a partnership to deliver significant value in the economy. Overall, with its ADGM incorporation and in collaboration with LuLuFin, Circle is poised to be the region’s leading player in enabling the growth of the digital economy and transforming financial services with blockchain innovation.

Related | Top 4 Crypto Coins to Watch This December: Expert Picks for High Potential Investments