Circle is launching a new product, CPN Custodial Pay, allowing financial institutions to join and operate on CPN.

BlockBeats News, April 9th. According to official sources, this morning Circle announced the launch of a new product, CPN Managed Payments. As Circle continues to expand stablecoin payments and witnesses rapid growth on the CPN platform, Circle has found that banks, payment service providers (PSPs), fintech companies, and large tech firms are in urgent need of a solution that allows them to carry out fiat-to-fiat and fiat-to-stablecoin payment flows without having to build and operate wallets and blockchain infrastructure themselves, without having to directly manage digital assets and stablecoins (such as minting, custody, etc.), and without independently assuming the licensing and compliance requirements needed to use stablecoins and blockchain for payments.

Managed payments allow financial institutions to join and operate on CPN while Circle handles the remaining transactions, leveraging our experience of over a decade operating the most widely adopted, compliant, and regulated digital currency payment infrastructure globally. CPN Managed Payments will significantly expand Circle's CPN products and is expected to accelerate the adoption by global financial institutions.

Note: Circle Payments Network (CPN) refers to the Circle Payment Network.