CRCL News: Circle shifts $68 million in internal payments via its own stablecoin to bypass legacy banks

Stablecoin issuer Circle has started using its proprietary infrastructure, specifically the Circle Mint platform, for routine intercompany transfer pricing, bypassing traditional bank wires. CEO Jeremy Allaire announced that $68 million was settled across 11 transactions between eight entities in under 30 minutes, a process that typically takes days via banks. This shift leverages the near-instantaneous settlement of stablecoins, significantly reducing the "cash in transit" gap common in corporate transfers. The system utilizes role-based permissions and approval workflows mirroring corporate banking controls, and generates reports compatible with internal ledgers. Circle plans future updates to Mint to enhance multi-entity treasury operations, including better API connectivity with accounting systems like Oracle, scheduled for March.

(Source：CoinDesk)