Circle says more than 175 financial institutions are helping build its Circle Payments Network (CPN), following the service’s bronze award in the Payments category at the Money20/20 Money Awards.
The company thanked its payments team and participating institutions, describing them as key contributors to building a global payments network.
The figure matches Circle’s second-quarter results, published on August 5, which listed 175 enrolled financial institutions at the end of June. That represented a 29% increase from the previous quarter.
However, the number of enrolled institutions does not confirm how many were actively processing payments as of October 19.
Circle Payments Network reports $14.7 billion in annualized volume
Circle’s second-quarter results put CPN’s annualized transaction volume at $14.7 billion, based on activity during the final 30 days of the quarter. The company reported 76% growth compared with the previous quarter.
The annualized figure estimates what the transaction pace would equal over a full year. It does not mean the network processed $14.7 billion during the quarter.
Circle also reported $14.8 trillion in USDC onchain transaction volume during the second quarter, with $73.3 billion of USDC in circulation at the end of June. These figures measure broader USDC activity and supply, rather than CPN payments alone.
The company has continued expanding its payment partnerships. It said Nium had connected USDC settlement to payout infrastructure covering more than 190 countries, allowing financial institutions to settle payments in local currencies.
Managed Payments lets institutions use familiar fiat workflows
Circle launched CPN Managed Payments on April 8 to help banks, fintech companies and payment providers use stablecoin settlement without directly managing digital assets.
Under the service, participating firms can continue working in traditional currencies while Circle handles USDC minting and burning, payment processing, compliance controls and blockchain infrastructure.
Circle lists cross-border payments, merchant settlement and international payouts among the service’s potential uses. The company designed the system to reduce barriers associated with digital-asset custody, licensing, compliance and operational complexity.
Veem was among the companies identified as a launch collaborator exploring stablecoin settlement.
Circle has also developed local payout corridors with several partners. Tazapay supports US dollar payouts through the Fedwire Funds Service and Singapore payouts through FAST. Other partners include Saber for India and European Union payouts, Coins.ph for the Philippines and LuLu Financial Holdings for the United Arab Emirates.
These arrangements are intended to support remittances, payroll, merchant settlement and platform payouts. Circle Technology Services, LLC operates CPN and provides technology and integration services to participating institutions.
Visa and Mesh plan crypto payments through existing checkouts
On October 19, Mesh announced a partnership with Visa aimed at allowing consumers to spend cryptocurrency and stablecoin balances held in participating wallet applications at physical stores and online.
The announcement cited Visa’s existing network of more than 175 million merchant locations across over 200 countries and territories. These figures refer to Visa’s payment acceptance network, not the number of institutions enrolled in Circle Payments Network.
Under the proposed arrangement, a Visa payment credential would be provided through supported wallet applications. Customers could then use contactless terminals or pay online without requiring merchants to install new equipment or change their checkout systems.
Mesh would manage transaction funding and conversion across supported cryptocurrency, stablecoin and fiat balances.
The companies have not disclosed a confirmed launch date or a complete list of wallets that will initially support the service.
Mastercard introduces stablecoin risk screening
Mastercard also announced Stablecoin Security at Money20/20 USA on October 19, naming Borderless.xyz and Keyrails as its initial partners.
The service is designed to identify potential fraud, scams, sanctions exposure and other financial-crime risks before funds move onchain.
Through an application programming interface, the system examines transaction details, the source of funds, restricted-party exposure and possible scam indicators. It then produces a risk score that payment providers can use in their existing fraud and compliance systems.
The announcement builds on Mastercard’s broader stablecoin settlement efforts. In June, the company expanded its settlement initiative to include USDC, PYUSD, USDG, USDP, RLUSD and SoFiUSD, with an initial rollout covering parts of the United States and Latin America.
Mastercard said the system can support settlement outside normal banking hours, including weekends and holidays. It identified ARQ, CBW Bank, Cross River, Lead Bank and Nuvei among the institutions expected to support the option.
Stablecoin Security is launching first in North America, with worldwide commercial availability expected in 2027. Mastercard also plans to expand the service through BVNK, the stablecoin infrastructure company it acquired in August.
Overall, Circle’s latest announcement highlights the growth of its institutional payments network, while Visa, Mesh and Mastercard are developing separate services to make digital-asset payments easier to use and manage. The reported figures show expanding participation and activity, although enrollment totals and annualized volume should not be confused with confirmed live payment activity across every participating institution.