International partnership between Corpay and Circle aims to introduce stablecoin transactions for foreign exchange and commercial card networks on a global scale.
Corpay, a leading provider of global payment solutions, has announced a collaboration with Circle Internet Group that aims to revolutionize the way businesses move money across borders. This partnership is set to expand stablecoin access globally by integrating Circle’s USDC stablecoin into Corpay’s cross-border payment and commercial card infrastructure.
The integration will enable 24/7 real-time blockchain settlement, seamless liquidity management, programmable financial workflows, and instant currency conversion between fiat and USDC on Corpay’s platform. This move will not disrupt existing payment processes, making it a seamless transition for Corpay’s clients.
Key details of the collaboration include:
- USDC Integration: Corpay will adopt Circle Mint and related APIs, allowing clients direct management of USDC through Corpay-branded digital wallets. This integration supports both cross-border pay-in and payout systems.
- Global Reach: The system supports local currency payouts in over 80 countries and aims to incorporate stablecoins like USDC and EURC in global foreign exchange transactions.
- Commercial Card Use: Corpay is developing capabilities for its fleet, purchasing, and travel cards to draw directly from USDC wallets, settling each transaction on-chain and automatically converting to fiat.
- Programmable Finance: The partnership enhances automation potential, allowing businesses to streamline global payments with programmability, reducing delays common in traditional cross-border banking.
- Improved Liquidity & Settlement: By leveraging blockchain technology, payment settlement occurs in real-time, improving liquidity and offering transparency and efficiency benefits typical of decentralized finance while maintaining trusted Corpay infrastructure.
Kash Razzaghi, Chief Business Officer at Circle, mentioned that this collaboration represents the next evolution of how businesses move money globally, faster, more transparently, and with the power of blockchain infrastructure. Mark Frey, Group President at Corpay Cross-Border Solutions, stated that by working with Circle and adding USDC to Corpay's funding and disbursement capabilities, they are providing clients with a new real-time option that complements the payment networks they already trust.
The collaboration is expected to uphold the compliance and reliability standards that global businesses demand. Clients of Corpay will be able to access and manage USDC directly through Corpay's platform. This new real-time option is not intended to change the way businesses transact today, according to Mark Frey.
Corpay, Inc. is collaborating with a subsidiary of Circle Internet Group, Inc. (NYSE: CRCL). The collaboration is expected to expand stablecoin access across global payment channels and further enhance the speed and transparency of global money transfers for businesses.
The collaboration between Corpay and Circle Internet Group involves integrating Circle's USDC stablecoin into Corpay's cross-border payment and commercial card infrastructure, enabling real-time blockchain settlement, seamless liquidity management, and instant currency conversion. This move is expected to uphold the compliance and reliability standards that global businesses demand, allowing clients of Corpay to access and manage USDC directly through their platform.
