International payments platform Thunes has partnered with Circle, the issuer of USDC and EURC stablecoins, to boost innovation in stablecoin liquidity management.
Under the agreement, members of Thunes’ Direct Global Network can use USDC to facilitate and carry out cross-border transactions, allowing for transfers that take just seconds, available seven days a week.
There are multiple benefits to using USDC for settlements, including enhanced liquidity and lower capital costs for Thunes’ members. Regulated stablecoins like USDC are currently transforming the financial and payments landscape, with many firms leveraging them as a bridge between traditional fiat currencies and digital assets.
Floris de Kort, CEO of Thunes, commented: “At Thunes, we are constantly innovating to ensure our Direct Global Network is accessible, fast, safe, and cost-effective. Settlements made with stablecoins provide exactly these four things.
“Working with Circle will provide real-time, 24/7 funding for our members, with the speed of USDC settlement, as we look to further accelerate cross-border payments innovation.”
Thunes has highlighted that stablecoins provide a dependable means of enhancing liquidity in payments, reducing volatility, and enabling seamless, near-instantaneous transactions across global markets.
These stablecoins utilise the speed, immutability, and traceability benefits of blockchain technology, positioning themselves as a new financial tool for both businesses and individuals.
Jeremy Allaire, Co-Founder and CEO of Circle, remarked: “Partnering with Thunes is an exciting expansion for USDC as a reliable and efficient cross-border payments settlement solution.
“Circle’s collaboration with Thunes demonstrates the transformative power of digital dollars to enable secure, transparent money movement at the speed of the internet. USDC makes seamless cross-border transactions easier for companies and individuals, unlocking new economic opportunities and reducing friction in global financial transactions.”
There are a lot of different avenues currently being used and tested, aiming to improve cross-border transactions with stablecoins being just one of them.
Earlier this week, the European Central Bank (ECB) introduced a new initiative aimed at enhancing instant payments across various currencies, beginning with the euro, Swedish krona, and Danish krone.
Utilising the Target Instant Payments Settlement (TIPS) platform, this method allows cross-currency payments to be settled in central bank money, facilitating the completion of transactions made in one currency to be finalised in another.
