This partnership is designed to support the liquidity and efficiency of stablecoin transactions within Thunes’ Direct Global Network, particularly in cross-border payments. The collaboration will allow Thunes’ network members to conduct cross-border transfers using USDC, providing faster, round-the-clock transactions. By settling transactions with USDC, Thunes aims to enhance liquidity while reducing the capital costs typically associated with cross-border payments.
The role of regulated stablecoins in cross-border transactions
According to Thunes, USDC as a regulated stablecoin, is increasingly used within the financial ecosystem to bridge traditional and digital currencies. Stablecoins such as USDC offer advantages in liquidity management by reducing transaction volatility and enabling near-instant settlement across global markets. Leveraging blockchain technology, these digital assets facilitate reliable, traceable transactions and are emerging as a significant financial tool for businesses and individuals alike.
Thunes’ adoption of stablecoins aligns with its goal of optimising cross-border transactions, aiming to deliver faster and more cost-effective payment solutions across its global network.
Thunes officials emphasised the role of stablecoins in enhancing Thunes’ service and revealed their goal to maintain an accessible, safe, and efficient global network. In turn, representatives from Circle highlighted the broader implications of the partnership, noting that USDC’s role in cross-border transactions underscores the potential of digital currencies to support secure and transparent transactions globally.
Other developments from Thunes
In an effort to further optimise cross-border payments, Thunes entered into a strategic agreement with MBANK to allow the latter to be part of the Thunes Direct Global Network. As part of this collaboration and by being a member of the Thunes’ network, MBANK gained the ability to connect businesses and individuals in Kyrgyzstan directly to over 7 billion mobile wallets and bank accounts globally.
In essence, the partnership intended to facilitate simplified money movement to and from Kyrgyzstan, with the two firms planning to enable local licenced institutions and merchants to make a wide range of transactions, including B2B, P2P, B2C, and C2B payments. Through these services, Thunes and MBANK aimed to assist different cross-border use cases, such as foreign education payments, ecommerce transactions, and local acceptance of gig economy payments.
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