Hong Kong-based RedotPay, a crypto payment fintech serving over four million users, has partnered with stablecoin issuer Circle’s new payment network (CPN), to take the headache out of Brazil’s cross-border transactions.

The CPN collaboration means RedotPay users can now send cryptocurrency directly to Brazilian bank accounts, with funds automatically converted into Brazilian Real (BRL) upon arrival, the companies said on Monday.

Stablecoins for payments are growing rapidly, with various estimates about the potential market size for blockchain rails and dollar-pegged tokens. Circle, issuer of the second-largest stablecoin, USDC, introduced the CPN in April, to capture some of the cross-border payments and remittances space.

RedotPay, which recently raised a $40 million funding round, says it’s on a mission to make global payments more accessible for underbanked populations by reducing transaction costs, as well as eliminating the traditional one to five business day settlement period typically associated with international transfers.

RedotPay is addressing two major pain points that have historically hindered cross-border payments in emerging markets, according to Michael Gao, CEO & Co-Founder of RedotPay.

“For users, the process has been slow and costly with high foreign exchange rates and handling fees,” Gao said in a statement. “Transaction success rates have also been inconsistent. For Payment Service Providers (PSPs), capital has often been trapped in prefunded accounts with different PSPs or banks across multiple countries.”

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。