I’institutional interest in digital assets never stopped growing. If even before yesterday, Jerome Powell declared his love for CBDCs, financial giants have started to rush into Bitcoin ETFs alongside. According to recent news, the German software specialist SAP has opted for USDC from Circle to speed up its cross-border payments.
SAP integrates USDC into its ecosystem
I’adoption of digital assets in cross-border payments had the wind in its sails after the rains of sanctions fell on Russia. The current executioner of Ukraine must do everything to circumvent them.
Apart from V. Putin, Ripple is accelerating also in crossing cross-border limits. A partnership was established last March with Wester Union for the good of Africa.
” The SAP team is currently testing cross-border payments for its customers with USDC. »
Otherwise, the presses echoed another company that adopted Circle’s stablecoin to facilitate cross-border payments by its customers. This is SAP, a German software giant.
” Starting today, you can get your first taste of this new approach to cross-border payments, as SAP is launching a preview of the SAP Digital Currency Hub that shows how cross-border payments with digital cash will become easy in the future. Simply sign up for the Test Drive to experience the future of cross-border payments today “, can we read on the blog from SAP.
Challenges to overcome
For SAP, there is no question of adopting bitcoin or ether in this project. Their volatility is a major obstacle.
USDC’s choice would be motivated by its peg to a solid fiat currency like the euro or the dollar. So its stability. Only challenges related to cost, transaction speed and the lack of transparency of any transfer of digital assets remain in SAP’s initiative.
” Today, cross-border payments are a headache for many small and medium-sized businesses that have international business partners. Costs – up to $50 per transaction, slow – up to 7 days to transmit money, and not transparent – you never know the status of the transaction “says Sissi Ruthe of SAP.
The International Monetary Fund (IMF) has also come forward on this story of adopting digital currencies to complement alternatives related to cross-border payments. For the moment, this institution is focusing on CBDCs. But as the democratization of these new assets progresses, the bitcoin will offer itself a place in the world financial chessboard.
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