Funds transfer platform Thunes has begun a partnership with stablecoin issuer Circle.
The partnership aims to “accelerate innovation in stablecoin liquidity management” and will see members of Toons Direct Global Network use USDC to fund and execute cross-border transactions. , the companies said in a news release on Tuesday (October 29).
This enables faster transfers in seconds, seven days a week, increasing liquidity and lowering the cost of capital for Thunes members.
“Regulated stablecoins such as USDC are upgrading the financial and payments ecosystem, acting as a bridge between traditional fiat currencies and digital assets,” the companies said in a release.
“These provide a trusted medium to increase the liquidity of payments, reduce volatility, and facilitate seamless, near-instantaneous transactions across global markets. It takes advantage of the speed, immutability and traceability of technology, making it an essential new financial tool for businesses and individuals.”
In the release, Thunes is an early adopter of stablecoins, harnessing the power of these digital currencies to improve cross-border transactions and unlock faster, more cost-effective payment solutions and new growth opportunities. The company says it will offer it to members of its Direct Global Network.
“The collaboration between Circle and Thunes demonstrates the transformative power of the digital dollar to enable secure and transparent transfer of funds at the speed of the internet,” said Jeremy Allaire, co-founder and CEO of Circle.
“USDC will facilitate seamless cross-border transactions for businesses and individuals, opening new economic opportunities and reducing friction in global financial transactions.”
As mentioned here earlier this month, this partnership comes at a time when the stablecoin market has surpassed $170 billion in value. And with fintech giant Stripe’s $1.1 billion acquisition of stablecoin platform Bridge, “it’s becoming harder for the payments sector to ignore,” PYMNTS writes.
As stablecoins increasingly find utility beyond their traditional use as base trading pairs and liquidity sources within crypto exchanges and the broader Web3 economy, companies like Stripe and Thunes are It is attracting attention.
“A stablecoin is a cryptocurrency designed to maintain stable value by being pegged to a reserve asset (usually a fiat currency such as the US dollar or euro), and is a cryptocurrency that is is emerging as a powerful tool to bridge the gap between “The ability of blockchain technology to provide the efficiency and transparency while offering the ease of use and stability of fiat currencies is essential to integrating blockchain-based assets into the mainstream financial system.”
See more: circles, cross-border payments, cryptocurrencies, digital currencies, news, partnerships, PYMNTS news, stablecoins, toons, USDC, updates
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