Market News

Circle to Cease Consumer Account Support in Strategic Move

Circle Announces Strategic Change, Ending Consumer Account Services

USDC Stablecoin issuer Circle has announced its decision to discontinue support for consumer accounts.

According to a statement released, Circle consumer accounts will no longer be supported as part of the company’s strategic review.

The discontinuation of wiring and mining functionalities will take effect, and all consumer accounts will be closed on November 30, 2023.

While the statement did not delve into specific details about the motivations behind this move, Circle emphasized that this action is consistent with its terms and agreements, implying it’s in line with its pre-established policies.

This development follows comments made by Circle’s CEO, Jeremy Allaire, which challenged the notion that Circle primarily caters to the US market.

Allaire revealed that a significant portion of Circle’s business originates from international markets, estimating that approximately 70% of USDC stablecoin adoption comes from outside the United States.

Furthermore, this decision comes after Circle received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) earlier this year.

This license empowers Circle Singapore to provide digital payment token services within Singapore, marking a substantial advancement for cryptocurrencies in the Asian region.

Jeremy Allaire expressed the significance of this milestone, emphasizing the role it plays in promoting regulated, transparent, and trusted digital currencies in Singapore and the broader Asian area.


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