Businesses that have integrated Circle's application programming interfaces (APIs) can now send payouts in local fiat currencies to sellers, freelancers and other service providers in over 80 countries, the peer-to-peer technology company announced Thursday.
Up until this point, businesses could only send digital dollars payments to their suppliers and end customers through on-chain USDC transactions made via the Circle Wallets API.
Large businesses like Etsy, eBay and Amazon have sellers who bring their expertise, craft and infrastructure. For these marketplaces, it can be tremendously difficult to pay sellers around the world through diverse banking systems. By enabling payments in local currencies, Circle is giving businesses a way to make payouts with more flexibility.
Using the new feature, sellers receiving payments can opt to receive them in local currencies or hold USDC and sign up with wallets and exchanges that allow for the use of USDC payments as well as its conversion and redemption into fiat currencies.
According to Circle co-founder and CEO Jeremy Allaire, the release of this feature is part of Circle’s ongoing efforts to provide users with a seamless way to move between a pure digital currency-based world and the existing legacy banking world.
“Fundamentally, whether you are a business accepting or making payments, there is a gradual move to actual digital money on the internet. People need to be able to move seamlessly between the two systems, and so the Circle APIs are unique because we connect the digital dollar infrastructure of USDC with the existing financial system,” Allaire said.