Circle to Cease Support for Consumer Accounts
Crypto stablecoin issuer Circle has announced that it will no longer support consumer accounts. In a statement, the company stated that as part of its strategic review, it will discontinue wiring and mining functionalities and close consumer accounts on November 30, 2023. Although Circle did not provide specific reasons for this decision, it emphasized that it aligns with its terms and agreements.
Circle’s Global Expansion Efforts
This move comes after Circle’s CEO, Jeremy Allaire, dismissed the notion that the company focuses solely on the US market. Allaire revealed that 70% of USDC stablecoin adoption is non-US. Circle’s global expansion efforts include obtaining a Major Payment Institution license in Singapore and setting up its European headquarters in Paris. The license granted by the Monetary Authority of Singapore allows Circle Singapore to offer digital payment token services in Singapore.
Hot Take: Circle Shifts Focus Away from Consumer Accounts
Circle’s decision to cease support for consumer accounts signals a shift in focus for the stablecoin issuer. While the company did not provide explicit reasons for this change, it aligns with its strategic review and terms and agreements. This move comes as Circle expands its presence globally, targeting markets outside of the US. By obtaining licenses and establishing headquarters in different regions, Circle aims to position itself as a leading player in the crypto industry worldwide.
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