Tokenized Can Circle’s CPN Beat SWIFT? Ft. Elise Soucie Watts & Rob Hadick
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Apr 28, 2025 
Join Elise Soucie Watts, Executive Director at Global Digital Finance, and Rob Hadick, General Partner at Dragonfly, as they dive into the launch of Circle Payments Network (CPN) and its ambitious goals for revolutionizing cross-border payments. They tackle the regulatory hurdles facing hybrid financial institutions and unpack the differences between yield-bearing and payment stablecoins. The conversation also explores crypto firms pursuing bank charters and the implications of compliance regulations in today’s fast-evolving financial landscape.
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Circle Payments Network's Purpose
- Circle Payments Network aims to reinvent cross-border payments especially for SMBs with a compliant, programmable framework.
- It serves as a coordination protocol connecting multiple financial institutions rather than moving funds directly.
Competition Concerns in CPN
- Major stablecoin payment players risk competition with Circle which tries not to compete with its customers.
- Aligning incentives between Circle and its partners in CPN is a key challenge.
Stablecoins Are Payment Rails
- Stablecoins provide payment rails but lack full payment network functionality like compliance and governance.
- Adding compliance layers like the travel rule is the real value-add for payment networks.