SAP Pay Adds USDC Settlement Route For Circle Mint Users

SAP Pay has added a USDC settlement route through payments provider Tereina. The option is available to eligible institutional Circle Mint account holders and is subject to regional restrictions.

Circle announced the integration on Oct. 7, one day after SAP introduced SAP Pay as a service embedded in SAP Cloud ERP. The service executes and reconciles payments when invoices become due through workflows that can include bank accounts, approvals and reporting controls.

USDC is available for eligible dollar-denominated payments, including cross-border supplier invoices, transfers between company entities and accounts payable or receivable. Circle’s EURC stablecoin is available for euro-denominated activity.

Institutional customers connect Circle Mint with SAP systems through an application programming interface. The connection allows them to mint, redeem and manage USDC while using SAP Pay for settlement. The companies have not disclosed transaction volumes or measured customer savings from the integration.

Access is limited to institutions with Circle Mint accounts, and availability depends on the customer’s location. Circle’s onboarding process includes background checks, identity verification, know-your-customer reviews and sanctions screening. The company says approval can take from one day to a week or longer.

SAP documentation lists SAP Pay as generally available in the United States and the United Kingdom. Separate service terms limit transaction processing to customers or affiliates domiciled in the United States or European Union unless additional documentation is provided. Circle’s country and banking requirements apply separately, and the full list of countries covered by the USDC integration has not been specified.

Customers exchanging dollars for USDC may need suitable banking services. Circle’s wire guidance requires an institutional account in the customer’s name that can send funds to Circle’s U.S. bank account. Redemptions are not supported for accounts that require an intermediary bank to receive dollar wires.

Circle and Tereina plan to run proof-of-value programs with customers in the coming months. They also plan to train treasury and payment specialists and work with ecosystem partners as implementations progress.