Finastra, a London-based financial tech provider to some of the world's largest banks, said Wednesday it will connect its payments hub to Circle’s (CRCL) USDC stablecoin, giving banks an option to settle cross-border transfers with the token.

The integration will begin with Finastra’s Global PAYplus (GPP), which processes more than $5 trillion in daily cross-border payment flows, the firms said in the press release.

The move underlines how stablecoins, a group of cryptocurrencies with prices anchored predominantly to fiat currencies like the U.S. dollar, are increasingly being tested by major financial institutions as alternatives to traditional settlement channels. Payments giants Stripe and PayPal already have their own stablecoin infrastructure in place, while several major banks, large retailers reportedly explore having their own tokens.

Stablecoins allow around-the-clock, near-instant settlements at lower costs using blockchain rails, proponents say. Coinbase projected the stablecoin market to grow to $1.2 trillion by 2028 from the current $270 billion, driven by regulatory clarity in the U.S. and accelerating corporate adoption. USDC is the second largest stablecoin on the market, boasting a $69 billion supply.

By enabling settlement in USDC while keeping instructions in fiat currencies, Circle and Finastra said banks can reduce their reliance on correspondent networks, which are often criticized for high fees and slow processing times.

Integrating Circle's stablecoin rails into Finastra's plumbing aims to give "banks the tools they need to innovate in cross-border payments without having to build a standalone payment processing infrastructure," said Chris Walters, CEO of Finastra.

"Together, we’re enabling financial institutions to test and launch innovative payment models that combine blockchain technology with the scale and trust of the existing banking system," Circle CEO Jeremy Allaire said.

Circle went public earlier this year, with its stock skyrocketing as investors sought exposure to the booming stablecoin market. The firm is also developing its own blockchain dubbed Arc designed for payments.

Read more: Stablecoin Payments Projected to Top $1T Annually by 2030, Market Maker Keyrock Says

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