Circle has begun using its own stablecoin infrastructure to move funds between internal entities and has settled $68 million in transfers using USDC, CEO Jeremy Allaire said on Saturday.
The transactions were executed through Circle Mint, the company’s platform for minting and exchanging USDC. The company’s finance team uses the system for intercompany transfer pricing – routine internal payments between subsidiaries – typically handled via bank wire transfers.
These transfers typically take one to three days to complete, depending on bank hours and cutoff times. Meanwhile, stablecoin settlements took place around the clock, with the company completing the transfer within 30 minutes, Allaire said in an X post.
In the first month of using the setup, Circle moved more than $68 million in 11 transactions between eight entities. The company said approximately 90% of transfer pricing activities are completed within one day.
The finance team executes payments using role-based permissions and approval workflows within Mint, which is set up to mirror controls commonly found in corporate banking portals. The platform also generates transaction-level reports that are compliant with bank statement standards, enabling accounting teams to reconcile on-chain transfers with internal ledgers and external accounting systems.
An ongoing challenge in intercompany transfers is “cash in transit,” where funds leave an entity but are not registered as available by the recipient by the time the payment clears. Stablecoin settlement closes this gap, as transfers are confirmed within minutes.
Circle said upcoming updates to Mint will focus on multi-entity financial operations, including easier transfers between accounts and APIs that connect transaction reporting with accounting systems like Oracle.
The changes are scheduled to roll out in March, the company said in a blog post.
