Circle Internet Group has begun using its own stablecoin infrastructure to handle internal treasury operations, settling $68 million in intercompany transfers across eight corporate entities in under 30 minutes.
Summary
- Circle Internet Group settled $68 million in intercompany transfers across eight entities in under 30 minutes using its USDC stablecoin and the Circle Mint treasury platform.
- The transactions replaced traditional bank wires that typically take one to three days to settle.
- Circle says the workflow helped complete about 90% of internal transfer pricing settlements in a single day, highlighting stablecoins’ potential for corporate treasury operations.
Jeremy Allaire says Circle settled $68M using USDC as firm “eats its own dog food”
The development was revealed by Circle CEO Jeremy Allaire in a recent post on X, where he said the company had started using USDC and the Circle Mint platform to replace traditional bank wires for internal settlements.
According to Allaire, the company’s treasury team processed the transfers across multiple internal entities in a single workflow that operated continuously, allowing funds to move at any time rather than during banking hours.
The process settled the $68 million in less than half an hour while maintaining full controls and auditability.
The stablecoin-based settlement replaces traditional fiat wire transfers that typically take one to three days to complete through conventional banking rails.
Circle said the move reflects how blockchain-based payments can streamline corporate treasury management. Through Circle Mint, the company’s platform that enables businesses to mint and redeem stablecoins and move funds, treasury staff can initiate transfers, apply role-based approvals, and confirm receipt of funds in near real time.
The company’s treasury case study describes the workflow as a way to reduce the “cash-in-transit” gap common in traditional banking systems, where funds may be debited from one entity but not immediately confirmed at another due to settlement delays.
With USDC settlement, confirmations occur within minutes rather than days.
Circle said the new system has also accelerated accounting operations. Approximately 90% of the company’s intercompany transfer-pricing settlements were completed in a single day, significantly compressing the month-end close process.
The firm plans to expand the workflow as additional updates to Circle Mint roll out, with Allaire suggesting the model could eventually enable other businesses to adopt stablecoin-based treasury settlement systems.
Source: https://crypto.news/how-circle-settled-68m-in-minutes-using-its-usdc-rails/
