Circle, a leading stablecoin issuer, has successfully moved $68 million in intercompany transfers using its own USDC stablecoin. CEO Jeremy Allaire announced that the company's Mint platform facilitated these transactions, replacing traditional bank wires that typically take days to settle.
The treasury team utilized the Mint platform for routine internal payments between subsidiaries, a process that previously relied on bank wires subject to banking hours and settlement delays. In contrast, these stablecoin settlements were completed in less than 30 minutes, operating around the clock. Over the first month of implementation, Circle transferred over $68 million across 11 transactions involving eight entities, with approximately 90% of its transfer pricing activity settled within a single day.
The platform incorporates role-based permissions and approval workflows to mirror corporate banking controls, and generates transaction reports for accounting reconciliation. This approach significantly shortens the "cash in transit" gap, a common challenge in intercompany transfers. Future updates to Mint will enhance multi-entity treasury operations, including streamlined transfers and API integrations with accounting systems like Oracle.