In addition to the expected catalyst for the clear bill to pass, attention should also be paid to Circle's ongoing business model upgrades and iterations. The most critical one here is Circle Payments Network (CPN) Managed Payments, which was launched on April 8th. This is a full stack managed stablecoin settlement platform. CPN is a global stablecoin payment network launched by Circle in May 25, connecting banks, PSP, VASP, and enterprises to achieve 24/7 real-time cross-border settlement. In early April this year, Managed Payments was launched as its "custody service layer", allowing traditional financial institutions to access stablecoins with "zero threshold" without having to deal with encrypted assets themselves, which is equivalent to the "custody enhanced version" of Circle Payments Network (CPN). 1. The functionality of CPN Managed Payments Simply put, Circle packages all the complexity of stablecoins (minting, burning, compliance, on chain settlement, multi chain routing) into SaaS services, and partners only need to call APIs to operate fiat currencies like traditional payment tracks. Partners only see fiat currency inflows/outflows, API callbacks, and reports. Global cross-border payment network Thunes (covering 140+countries) has connected its customers (banks, mobile wallets) to CPN Managed Payments, enabling stablecoin settlement under fiat workflow. Worldline, a leading payment processor in Europe, also integrates with CPN Managed Payments to provide customers with blockchain native settlement options. 2. The significance of CPN Managed Payments for Circle Why is it said that Circle can transform into a hybrid of Stripe and Visa? It possesses the core advantages of both: Visa's Part (Network Operator Role): 1) CPN is a many to many global payment track that connects banks, PSP (Payment Service Providers) Fintech、 Enterprises can achieve real-time cross-border/domestic settlement. 2) Like Visa, it provides standardized network infrastructure: unified coordination protocols, instant settlement, and global accessibility (covering 20+links and multi country fiat payout corridors). 3) Differently, it uses USDC (stablecoin) as the settlement medium, replacing traditional corresponding banking, achieving second level, 24/7, batch free finality. Stripe's components (B2B SaaS/developer friendly infrastructure): 1) CPN Managed Payments is a full stack SaaS service: partners (banks/PSPs) only need to make API calls, operate on the fiat side, and Circle backend includes USDC mint/burn, compliance, blockchain routing, gas abstraction, and more. 2) Like Stripe, it provides a single integration, turnkey solution that abstracts complexity, allowing traditional financial institutions to access stablecoin payments with "zero encryption exposure" (similar to how Stripe makes it easy for e-commerce/platforms to access payments). 3) Emphasize programmability+developer APIs (Payment Intents, Payouts, Accounts API, etc.), supporting modern use cases such as merchant acquiring, high-frequency payouts, AI payments, etc. Visa offers "network scale and reliability," Stripe offers "easy-to-use SaaS and programmability," and CPN Managed Payments integrates the two into a modern payment infrastructure driven by stablecoins - both a global network and a custodial service platform 3. Let's talk more about the differences and distinctions between CPN Managed Payments and Stripe Stripe has deeply integrated stablecoins such as USDC, providing enterprises with a one-stop experience of "zero cryptocurrency exposure". 1) Merchants can receive USDC on ETH, sol, and other chains through products such as Checkout and Payment Links, and the system automatically converts it to fiat currency (USD/EUR, etc.) in the background at a rate of approximately 1.5%. 2) Simultaneously supporting global Payouts, payments are made in USDC to contractors, creators, suppliers, etc., while the enterprise backend only processes fiat currency. 3) Stripe has implemented a custody model through acquisitions such as Bridge, allowing businesses to complete cross-border payments without the need for blockchain, covering over 100 countries and significantly reducing FX costs and settlement delays. Its advantages lie in developer friendly APIs, programmable payments, and rich payment suites (Checkout, Billing, Treasury), which are particularly suitable for digital merchants, small and medium-sized platforms, and enterprises that require front-end payment experiences. Many companies can achieve faster and cheaper global payments with Stripe alone. CPN Managed Payments focuses more on institutional level B2B infrastructure, serving banks, PSPs, Fintech, and large enterprises' cross-border settlement needs. 1) It is based on full stack hosting and powerful network effects, with Circle as the network operator, connecting multiple regulated financial institutions (OFI/BFI) to achieve real-time coordination of many to many. With one access, it can reach global partners without relying on a single platform. 2) In terms of business depth, CPN provides 24/7 real-time settlement and extremely low FX and intermediary costs for high-frequency, large value, supply chain payments, bulk salary payments, and enterprise asset transfers. Circle is fully responsible for USDC mint/burn, Travel Rule/AML compliance, multi chain routing, and liquidity lifecycle management. 3) Its target customers are banks, payment processors, large PSPs, and global corporate treasury departments, emphasizing enterprise level SLA, audit capabilities, and compliance license coverage. Simultaneously equipped with conditional payments and smart contract level orchestration, it is more suitable for AI agent payments, high-frequency M2M, and large-scale settlement scenarios between enterprises. From the above perspective, Stripe is more like a "payment SaaS platform" (merchant/platform oriented), while CPN is a "stablecoin version of SWIFT infrastructure" (inter institutional network). In pure institutional B2B and large-scale cross-border scenarios, CPN has better cost efficiency, compliance certainty, and zero encryption exposure In practice, many TradFi and Fintech are testing/adopting both at the same time, using Stripe for front-end acquiring and CPN for back-end large settlement/revenue. 4. Why is this an upgrade and iteration of the business model for Circle? The launch of CPN Managed Payments from a personal perspective marks Circle's further iteration and upgrade from being dominated by stablecoin issuers and reserve interest to being a B2B SaaS payment infrastructure provider. Direct Monetization Path: Transaction settlement fees (basis points, tiered by volume) infrastructure subscription/custody service fees; Compliance, reporting, and liquidity management value-added services; In the future, there will also be network effects, where the more participating institutions, the better the liquidity, and the higher the cost income. The source of income is no longer solely based on reserve interest, but on transaction volume driven revenue (transaction fees bps, service subscription fees, infrastructure usage fees, FX spreads, etc.), which is consistent with Circlezai's goal of scaling up non interest income in 2016. Income is more sustainable and resistant to cycles (even with lower interest rates, increased trading volume can bring stable cash flow) The core of business model iteration and upgrading lies in this: Evolved from "selling USD stablecoins" to "selling global payment tracks", providing network services similar to SWIFT through B2B SaaS. In early April, here is https://(x.com)/qinbufark/status/2041776052167483750? When we talked about the bullish US stock sector, we also had a clear bullish view on three cryptocurrency stocks: Hood, Coin, and Circle.