SAP, the German software giant, is testing cross-border payments using Circle's USDC stablecoin. The company is using a test network to allow customers to receive "play money" in USDC, which they can then use to pay invoices.
The goal of the test is to see how USDC can be used to make cross-border payments more efficient and cost-effective. SAP believes that USDC's stability and low transaction fees make it a promising option for cross-border payments.
If the test is successful, SAP could begin using USDC for real-world cross-border payments. This would be a major step forward for the adoption of cryptocurrency in the payments industry.
Here are some of the benefits of using USDC for cross-border payments:
Speed: USDC transactions are settled quickly, typically within seconds. This is much faster than traditional cross-border payments, which can take days or even weeks to clear.
Cost: USDC transactions have low fees, which can save businesses money.
Security: USDC is backed by US dollars, so it is a stable and secure asset.
If SAP's test is successful, it could pave the way for other businesses to adopt USDC for cross-border payments. This would be a major development for the cryptocurrency industry, as it would help to make cryptocurrency more mainstream.
