This company became public in June, and I was curious about what they do and how they make profits.
They do not attend final users, they reach them through exchange markets, payment processors or specific FinTech companies. I did a map to visualize what they do.
Who are these clients?
| Category | Examples of Clients / Partners |
|---|---|
| Exchanges | – OKX – Bitstamp – Nexo – CoinMENA |
| Payment Processors / Payment Service Providers / Merchant Acquirers | – Worldpay from FIS – Fiserv – Corpay – OpenPayd – BTG Pactual (as a distribution partner) |
| Fintechs / Digital Banks / Neobanks | – Nubank – Lemon – Chipper Cash – Yellow Card – AZA Finance – FonBnk – Finger-on-Fintech type companies like OpenPayd as well – MoneyGram (also partly overlaps with payments) |
Circle Payments Network
This is the main capability built by the company. A visual representation about the understanding I have from it.
The main elements are:
| Element | Purpose |
|---|---|
| USDC Stablecoin | Digital dollar core of the network |
| Mint & Redemption Infrastructure | Converts fiat ↔ USDC for institutions |
| Payments & Settlement APIs | Accept, pay out, and manage funds in USDC/fiat |
| On-/Off-Ramps | Enable fiat entry and exit for businesses & users |
| Cross-Chain Transfer Protocol (CCTP) | Moves USDC natively across blockchains |
| Compliance & Risk Layer | KYC/AML, sanctions, fraud, reserve transparency |
| Reporting & Analytics | Dashboards, audits, transaction reporting |
| Ecosystem Partners | Banks, exchanges, wallets, merchants enabling access |
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