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← Embedded Finance Index 2026/Vendor

Circle

Provider
FX / PayoutsCrypto / StablecoinLending

Embedded-finance provider tracked in the Embedded Finance Index — disclosed by 22 companies across 3 categories.

circle.com ↗Also analysed as a company — its own stack →
CategoriesFX / Payouts, Crypto / Stablecoin, Lending
Rank#2 of 57 in Crypto / Stablecoin
Buyers22 companies
HeadquartersNew York City, United States
Founded2013
FoundersJeremy Allaire, Sean Neville
Raised~$1.1B (pre-IPO)
RegulatoryApproved · National trust bank

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Founders & story · from Circle’s own dossier

Founded in 2013 as a Bitcoin consumer payments app, Circle pivoted away from retail crypto trading after launching USDC in 2018 to focus entirely on B2B stablecoin infrastructure. The company shut down its consumer Circle Pay product circa 2020 and abandoned a SPAC deal in 2022 before refiling for a traditional IPO. By 2024–2025, Circle had repositioned as a publicly traded stablecoin issuer and payments network operator — operating USDC, EURC, and USYC while building Circle Payments Network (CPN) as a global stablecoin settlement rail connecting banks, PSPs, and enterprises.

Latest round: IPO (NYSE: CRCL), June 2025
Recent developments
  • 2026-07Approved · Final OCC approval (Circle announcement) · 2026-07-10 — First National Digital Currency Bank, N.A., national trust bank, OCC. Places USDC reserve management and digital-asset custody under federal oversight. [charter] source ↗
  • 2025-06Circle IPO on NYSE (CRCL) at $31/share; stock closed at $83.29 on day one, giving Circle a market cap of ~$16.7B. source ↗
  • 2026-05Nium joins Circle Payments Network (CPN) as a global payout partner, connecting USDC settlement with last-mile payouts in 190+ countries and 100 currencies. source ↗
  • 2025-12Circle sub-processor list last updated December 22, 2025, confirming ongoing use of AWS, Jumio, IDology, Atlassian, Google, HubSpot. source ↗
Full dossier: Circle’s own stack, layer by layer →
Charter application · Approved
First National Digital Currency Bank, N.A. (Circle National Trust) · National trust bank · OCC · New York, NY · filed 2025-06-30.
Approved · Final OCC approval (Circle announcement) · 2026-07-10 · earlier: Conditional Approval 1356 (preliminary), 2025-12-12
Places USDC reserve management and digital-asset custody under federal oversight.
OCC letter ↗
In the press
embeddedfinancereview.com ↗
Coverage of Circle sourced from Embedded Finance Review — a content partner for this report. All articles are © their original authors; click any card to open the source.
◇ article2026-06-16
ROLLER embeds lending with Adyen, Circle K moves 400k cards to Enfuce
ROLLER embeds lending with Adyen Capital, Circle K migrates 400,000 cards to Enfuce, plus Shopware Payments and Swiss adoption data.
Source · Embedded Finance Review ↗
◇ article2026-06-15
Circle K migrates 400,000 Nordic consumer cards to Enfuce
Circle K is migrating 400,000+ Nordic consumer cards to Enfuce. Why a fuel retailer runs its own closed-loop card, and what the move changes.
Source · Embedded Finance Review ↗
◇ article2024-12-08
Banking Infrastructure provider Banking Circle for sale
Banking Circle on sale by EQT at $3-4B valuation after serving Stripe and Nuvei. Who can acquire Europe's payment rails leader?
Source · Embedded Finance Review ↗
Who uses Circle
22 companies disclose Circle in their stack
Owlting GroupCoins.phMoneygramKastSafenetpayBudaConfirmoOwltingGreshamBitcoinFinastraMatera+10 more
Buyer mix · 22 of 22 classified
Fintech / Crypto · 10Fintech / Cross-border payments · 4Infrastructure / Payments · 3Fintech / Consumer banking · 1Fintech / Neobank · 1Fintech / SMB banking · 1Infrastructure / Core Banking · 1Vertical SaaS / Financial Services Data & Control · 1
LATAM · 5US · 4UK · 4EU · 4APAC · 2
What the disclosures say
Owlting Group
“Circle: IBS Intelligence publicly lists OwlTing as a customer (ibsintelligence.com); SEC FY2025 results confirm 'integrated key settlement rails, including Circle Payments Network'.”
Coins.ph
“Coins.ph joined Circle Payments Network as beneficiary FI to enable stablecoin-powered cross-border settlement into PHP.”
Moneygram
“Multiple vendor-listing sources confirm: Crossmint provides wallet infrastructure for the MoneyGram Card and stablecoin wallet per thepaypers.com; Stellar is the settlement network for the MoneyGram Card and for MGUSD per stablecoininsider.org; Circle's USDC is the stablecoin backing the MoneyGram Card at launch per st…”
Kast
“Homepage mentions 'deposit & swap SOL, ETH or BTC directly to USDC to spend IRL'; card terms reference 'Supported Blockchain: Ethereum, Polygon, Optimism, Arbitrum'. kast.xyz footer: 'custody, and on/off ramp services are provided by licensed partners.' known_customer_listings confirms Kast is listed as customer by a '…”
View source · tempo.xyz ↗
Safenetpay
“IBSIntelligence publicly lists Safenetpay as a customer in an article titled 'Banking Circle and Safenetpay to Enhance Cross-border Payments' at https://ibsintelligence.com/ibsi-news/banking-circle-and-safenetpay-to-enhance-cross-border-payments/ — TIER 1 known customer listing.”
View source · ibsintelligence.com ↗
Buda
“buda.com homepage lists 'Créditos' product; Circle Alliance Directory: 'We offer Bitcoin-backed loans to thousands of customers.'”
The complete buyer list and each company’s full embedded-finance stack are in the Embedded Finance Index report. Represent Circle? Claim this profile above to unlock your own full list.
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What Circle runs on · from its own dossier
The third-party providers Circle itself discloses, layer by layer — the vendor as a buyer. Distinct from the companies above that disclose Circle.
FX / Payouts
Nium
Crypto Custody
BNY Mellon
FX API
Nium
Full dossier with evidence for each layer →
Alternatives to Circle

Other Crypto / Stablecoin providers in the index, by the number of companies that disclose them. A count of public disclosures, not a ranking of the products.

Zero Hash25 buyers →Bridge16 buyers →BVNK13 buyers →Fireblocks12 buyers →Tempo12 buyers →Lightspark9 buyers →MoonPay9 buyers →Paxos9 buyers →
Share this rank

An embeddable badge for Circle’s own site — it always shows this page’s current rank, so it stays accurate as new disclosures land. States its own denominator; never claims a number this page doesn’t.

Ranked #2 of 57 in Crypto / Stablecoin — Embedded Finance Index 2026
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Circle — frequently asked

Which companies use Circle?

22 companies disclose Circle in their stack in the Embedded Finance Index 2026, including Owlting Group, Coins.ph, Moneygram, Kast, Safenetpay, Buda, Confirmo, Owlting, Gresham, Bitcoin and 2 others.

What does Circle do?

Circle is an embedded-finance provider in FX / Payouts, Crypto / Stablecoin and Lending. It ranks #2 of 57 Crypto / Stablecoin providers by disclosed buyers.

Is Circle a bank?

Circle has applied for a national trust bank charter for First National Digital Currency Bank, N.A. (Circle National Trust) with the OCC. Status: approved (2026-07-10).

What are the alternatives to Circle?

The most-disclosed Crypto / Stablecoin alternatives to Circle are Zero Hash (25 buyers), Bridge (16 buyers), BVNK (13 buyers), Fireblocks (12 buyers), Tempo (12 buyers) and Lightspark (9 buyers).

Who founded Circle?

Circle was founded by Jeremy Allaire and Sean Neville and is founded in 2013, headquartered in New York City, United States.

How much funding has Circle raised?

Circle has raised ~$1.1B (pre-IPO) in total.

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