Software firm SAP is reportedly employing Circle’s (CRYPTO: USDC) stablecoin to examine international payment procedures.
The Walldorf, Germany-based company is attempting to address the hurdles faced by businesses when executing cross-border monetary transactions. And the USDC stablecoin is an option.
“Cross-border payments are a hassle for many small and mid-sized enterprises with integration business partners,” SAP’s Sissi Ruthe stated. “These major challenges can be solved with Digital Money as a means of settlement and Blockchain as the underlying technology.”
Also Read: Bitcoin, Ether Cross Crucial Levels – ‘Building The Foundations For The Next Bull Cycle’
SAP is executing its tests on an Ethereum (CRYPTO: ETH) Test Network. It is keen on solving critical issues like costs, transaction pace, and transparency in transactions.
Ruthe specifically pointed out the objectives of these trials, highlighting the exorbitant costs involved, mentioning that each transaction could cost “up to 50 USD per transaction”.
She also noted the extended duration for transactions, which could take “up to 7 days to transmit money.” Additionally, she touched on the issue of transparency, citing that one cannot ascertain the transaction’s status.
SAP went on to reveal a “preview of the SAP Digital Currency Hub that showcases how easy cross-border payments with Digital Money will become in the future.”
Read Next: Is Bitcoin Becoming An Election Issue? 2 Presidential Candidates Chime In
Join Benzinga’s Future of Crypto in NYC on Nov. 14, 2023 to stay updated on trends like AI, regulations, SEC actions & institutional adoption in the crypto space. Secure early bird discounted tickets now!
