Circle, the firm behind the USDC stablecoin, is expanding its presence in global payments infrastructure with a significant new initiative. The company has officially launched stablecoin-powered payouts to Brazil and Hong Kong. Meanwhile, the CRCL stock price reacted swiftly, moving towards the $210 mark.
Circle Now Supports Stablecoin Transfers to Brazil and Hong Kong
In partnership with HiFi Bridge, Circle has activated new cross-border payment corridors between the United States, Brazil, and Hong Kong via the Circle Payments Network (CPN). This integration enables businesses and developers to send transactions using stablecoins across different regions quickly and easily. There’s no need for complicated agreements or long waits.
HiFi’s API is now fully live on CPN, supporting seamless payouts powered by Circle’s infrastructure. The result is a near-instant, low-cost transaction experience, optimized for global commerce and remittances. In Circle’s own words: “No delays. No bilateral setups. Just internet speed payments.”
The move into Brazil and Hong Kong also reflects Circle’s broader push into the remittance space, which is projected to surpass $1 trillion by 2029. According to data from the Migration Data Portal, remittances totaled $905 billion in 2024 alone, up 4.6% from the previous year.
Following the news, the CRCL stock price experienced a brief spike to the $210 mark before gradually retreating by 1.2%.
Furthermore, Circle is working to include stablecoins in traditional banking systems. Last month, Circle partnered with Matera, a top fintech company in Brazil, to integrate USDC into essential financial services.
The collaboration allows banks using Matera’s Digital Twin ledger to offer side-by-side accounts for U.S. dollars and Brazil’s local currency (BRL), both operating with real-time settlement via Brazil’s PIX system.
This integration makes USDC functionally available within everyday banking apps for millions of users, positioning stablecoins not just as assets but as a key component of financial infrastructure.
Circle Banking Ambitions and Market Moves
This expansion comes on the heels of Circle’s application for a national trust bank license in the U.S. If the Office of the Comptroller of the Currency (OCC) approves it, the company will start the First National Digital Currency Bank. This bank will be allowed to provide custodial services to both individual and institutional clients. This decision will strengthen Circle’s role at the intersection of regulated finance and digital assets.
As CoinGape earlier reported, Circle’s market momentum has continued to grow. Just 12 trading days after its IPO, the company’s stock surged from $31 to over $254, elevating its market cap to $62 billion and briefly overtaking the $60 billion supply of its own USDC stablecoin.
Coingape Staff
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