Building on previous efforts to grow its distribution network, Circle has launched a payments platform that allows payments firms like banks and fintechs to benefit from the speed and efficiency of stablecoins, without needing to hold them.

Dubbed CPN Managed Payments, the platform "abstracts digital asset complexity, enabling partners to interact solely in fiat while Circle manages the entire digital asset lifecycle," the company said in a statement.

Under the new service, Circle handles minting and burning, settlement and compliance, allowing clients to benefit from blockchain-based payment rails without having to hold any USDC.

“With CPN Managed Payments, we’re simplifying how institutions adopt and scale stablecoin payments,” Circle's Chief Product and Technology Officer Nikhil Chandhok said in a statement.

The move is part of Circle's larger effort to grow its distribution network of financial institutions which want to benefit from more efficient cross-border settlements and lower foreign exchange expenses. Circle's USDC is the world's second-largest stablecoin behind Tether's USDT.

“Expanding our partnership with Circle and working with them on Managed Payments allows us to seamlessly bridge traditional banks, mobile wallets, and digital assets," Thunes Deputy CEO Chloé Mayenobe said. Thunes is a Singapore-based fintech that provides cross-border payment infrastructure.

Circle said that USDC has supported over $70 trillion in "cumulative onchain settlement," with nearly $12 trillion of that amount coming in Q4 2025.