On Tuesday, global payouts platform MassPay unveiled an expanded offering through Circle Payments Network (CPN) Managed Payments. Through this partnership, MassPay will now be able to offer businesses the option to settle transactions through stablecoins.
MassPay integrates CPN Managed Payments
MassPay’s integration of Circle Internet Financial’s CPN Managed Payments means that the global payouts firms’ customers can now fund, manage, and send payouts using stablecoins without actually managing digital assets or blockchain infrastructure.
For the uninitiated, CPN Managed Payments is a fully managed settlement solution that enables payment service providers, financial technology firms, banks and global enterprises to access the speed and efficiency of stablecoin settlement.
Since CPN Managed Payments makes it redundant to actually hold digital assets, it is able to successfully address a key barrier to stablecoin adoption among institutions – security risks. It allows institutions to operate with familiar financial and compliance frameworks.
As a result of the integration, MassPay’s ability to aid businesses using stablecoins as part of their treasury or payout workflows will also strengthen.
For instance, MassPay customers can now simply create and manage dedicated wallets, convert balances into USDC for treasury purposes, and trigger stablecoin payouts in tandem with existing options like bank transfers, debit cards, and digital wallets. Commenting, Ran Grushkowsky, CEO of MassPay, stated:
“The way businesses hold and move money is changing. More and more of our customers are holding stablecoins as a core part of how they manage their finances – not as an experiment, but as an everyday tool. By leveraging CPN Managed Payments, we can better support our customers holistically – from how they fund their accounts, to how they pay their people and partners, worldwide.”
CPN looks to replace outdated payment rails
Echoing similar sentiments, Irfan Ganchi, SVP of Product Management, Circle, said that MassPay’s expanded use of CPN Managed Payments is proof that payments companies are increasingly looking to bring faster, cheaper, and programmable money movement into their core payout operations.
As reported by The Coin Headlines on May 13, Circle is firmly behind the CPN, highlighting the benefits associated with stablecoin settlements, including getting faster access to liquidity and real-time visibility into cash movement.
