SAP Explores Cross-Border Payments with USDC
SAP, the largest non-American software company in terms of revenue, has made an announcement regarding its use of US Dollar Coin (USDC) for testing cross-border payments.
On this page
This development has been hailed as significant by Peter Schroeder, the integrated campaigns director at Circle. SAP recognizes the challenges faced by small and mid-sized enterprises when sending money overseas and believes that blockchain technology and digital money can provide a solution.
As part of the testing process, SAP customers can receive USDC, which operates on the Ethereum blockchain, as “play money” to explore this payment option. The experiment will be conducted on a separate blockchain and will not involve real ERC-20 USDC tokens.
However, if customers show interest, the adoption of Ethereum-based cryptocurrencies could see a substantial increase since SAP has an impressive customer base, with “99 out of 100 of the largest companies in the world” relying on their services. The company aims to settle cross-border transactions using tokenized versions of the US dollar or Euro on the blockchain instead of relying on traditional payment rails.
The primary goal of the experiment is to provide customers with firsthand experience of the speed, affordability, and reliability of cross-border payments facilitated by cryptocurrencies.
The content on The Coinomist is for informational purposes only and should not be interpreted as financial advice. While we strive to provide accurate and up-to-date information, we do not guarantee the accuracy, completeness, or reliability of any content. Neither we accept liability for any errors or omissions in the information provided or for any financial losses incurred as a result of relying on this information. Actions based on this content are at your own risk. Always do your own research and consult a professional. See our Terms, Privacy Policy, and Disclaimers for more details.
Articles by this author
