Circle customers in the U.S., U.K. and Europe now have the ability to send and receive money instantly across borders with no fees and no markup on foreign exchange rates. It's a move that leaves a lot of money on the table, but it also stems from a fundamentally different approach to cross-border payments.

The commoditization of remittance using blockchain technology, as Circle is doing, is akin to the disruption to fixed line telephony that occurred with the advent of Voice over IP (VoIP). However, as with service providers such as Vonage in the telco space, Circle will have a long way to go to displace the incumbent remittance networks, which perhaps explains why its business today is still focused on the easier targets.

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