Stablecoin issuer Circle has moved $68 million between its internal entities using its own stablecoin, demonstrating how blockchain based payments can replace traditional banking transfers.
According to CEO Jeremy Allaire, the transfers were completed through the company’s Circle Mint platform, which is designed for minting and redeeming the stablecoin USD Coin. The system enabled Circle’s treasury team to carry out routine intercompany transfers that are typically processed through bank wire payments.
In total, the firm executed 11 transactions across eight corporate entities, moving more than $68 million. Allaire said the transfers were finalized in under 30 minutes, highlighting a major speed advantage compared to traditional banking rails.
Stablecoin Transfers Replace Traditional Bank Wires
Intercompany payments usually rely on bank wires that can take one to three days to settle and are often limited by banking hours. By contrast, stablecoin transactions operate continuously and confirm within minutes.
Circle’s internal treasury workflow also includes role-based permissions and approval controls similar to those used in corporate banking systems. The platform produces detailed transaction reports, allowing accounting teams to reconcile blockchain transfers with internal financial records.
Circle Plans Expanded Treasury Tools
The company said additional updates to Circle Mint are expected, including features focused on multi-entity treasury operations and integrations with enterprise accounting platforms such as Oracle.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.