Circle Allies With Matera to Push Stablecoins Into Routine Usage

Circle Internet Group Inc. is working with Matera Inc., a developer of banking technology, in a move aimed at speeding adoption of stablecoins by individuals and companies, the two firms announced early Wednesday.

In the collaboration, Matera will integrate its Digital Twin real-time ledger with Circle’s platform to support routine payments using Circle’s USDC coin, the companies say. The move is aimed, they say, at advancing stablecoins beyond their utility as a store of value and establishing them as a routine medium of exchange.

The link from Circle to the Digital Twin ledger will support instant transactions without the need for banks to build out “complex infrastructure,” the companies say in their announcement, adding the integration embraces links to local payment networks in parts of the world, such as the PIX system in Brazil.

“We are ushering in a new layer of global banking infrastructure,” Carlos Netto, Matera’s chief executive, says in a statement. “Interoperability between stablecoins and local currency accounts is no longer a side project—it’s now at the heart of the financial system.”

New York City-based Circle went public last week in a frenzied move that saw its shares soar on the New York Stock Exchange from an opening value of $69 to $103.75. Early Wednesday, the stock was trading just shy of $113 per share. Philadelphia-based Matera operates in both Brazil and the United States, while also maintaining an office in Canada.

In related news, PayPal Holdings Inc. said early Wednesday it plans to enable its PayPal USD stablecoin on the Stellar network, a blockchain said to be suited for everyday payments, provided it receives approval from the New York State Department of Financial Services. The move would expand PYUSD beyond its current availability on the Ethereum and Solana blockchains and enhance its availability for cross-border payments, PayPal says.

“As we see cross-border payments being a key area where digital currencies can provide real-world value, working with Stellar will help advance the use of this technology and provide benefits for all users,” said May Zabaneh, vice president of the Blockchain, Cryptocurrency, and Digital Currency Group at PayPal, in a statement.

PayPal first became involved in cryptocurrency in 2020, and introduced PYUSD in 2023.