Circle launches business account as USDC marketcap tops $50 billion

abdelaziz Fathi

Boston-based stablecoin issuer Circle has rolled out a business account type that caters to any enterprise size ranging from small funds, corporates to large institutions.

Dubbed ‘Circle Account,’ the new product allows business customers to deposit, withdraw, send, receive, store and allocate funds to invest in cryptocurrencies.

The Circle Account acts as a one-stop-shop to help businesses begin transacting with USDC and settle in and out of digital currencies. On top of that, institutional investors can allocate funds into “Circle Yield” to earn additional income from their USDC holdings by investing it into crypto-capital markets.

The firm has recently opened up its yield service to all businesses with a minimum investment capital of $100,000 in digital currency. Circle Yield is a fixed-term investment that is secured and collateralized with bitcoin.

“The new Circle Account offers an upgraded user experience that allows customers to send and receive USDC on eight different blockchains, realize near-instant transfers via Signet and the Silvergate Exchange Network (SEN), download transaction history and view balance summaries and earn returns via Circle Yield – all with increased security and flexibility through new features such as multi-factor authentication and multi-user support. Users can transact with USDC on Ethereum, Algorand, Solana, Stellar, TRON, Hedera, Avalanche and Flow,” the company said in a statement.

USDC market cap grows to $50 billion

Circle has been expanding the reach of the offering that is primarily focused on retail trading and investing to appeal for B2B partnerships. Currently, the crypto unicorn puts greater emphasis on its USD Coin (USDC), a stablecoin pegged to the US dollar. Furthermore, Circle also opens the doors of its stablecoin to businesses with a dedicated account that provides a toolbox of APIs to allow developers to build on top of USDC.

Acting as a sort of safe haven where crypto traders can park their assets in volatile markets, USDC is an Ethereum-based ERC-20 coin, which makes it easy for wallets, exchanges and other smart contracts to interact with the token.

With nearly $50 billion worth of tokens in circulation, USDC continues its remarkable trajectory, growing 10x over the course of 2021. Currently available on 8 blockchains, the coin has its ecosystem already integrated into more than 200 exchanges, platforms, wallets, and service providers.

“The new, revamped Circle Account is laser focused on delivering an upgraded, dynamic experience to our business customers, making it the go-to destination for payments and treasury activity,” said Rachel Mayer, VP of Product at Circle.

Read this next

Inside View

Broadridge report finds 27% of firms’ overall IT budget goes to digital transformation

“A new chapter in digital transformation is emerging. In our work with clients across the financial services industry we see leading firms are already reaping the benefits from digitalization and the use of technologies such as AI and blockchain/DLT, as they adapt to economic headwinds and new competitive dynamics”

Executive Moves

Ripple announces Monica Long as President

“I’m incredibly honored to take on the role of President at Ripple as we expand deeper into crypto-enabled services like liquidity, settlement and custody.”

Executive Moves

Arabesque AI appoints Carolina Minio Paluello as CEO

“Arabesque AI is uniquely positioned to service the asset management industry’s need to meet the growing market demand for hyper customised portfolios.”

Industry News

SEC Commissioner Mark T. Uyeda says standardized ESG measures are doomed to fail

“Because ESG ratings may be divorced from matters of financial materiality, they can reflect a particular political or social agenda.”

Industry News

Worldline launches digital payments suite in India

“Our low-cost innovative offering SoftPOS will empower SMBs in a big way to accept digital payments affordably.”

Technology

cTrader Web 4.5 Presents Guest Mode, Multiple Charting and Copy Improvements

Spotware has announced the release of its cTrader Web version 4.5, which comes with a whole range of features and improvements for all cTrader users.

Technology

SteelEye suggests integrated surveillance as Morgan Stanley fines employees over WhatsApp

“The use of integrated surveillance means firms can avoid unwanted regulatory attention by enabling them to self-report and self-remedy more efficiently when malpractice is flagged.”

Industry News

ASIC bans Gregory William Finerty for unlicensed FX algo trading bot

Bradford AI leased an algorithmic trading program known as ‘Robot 1’ to trade on the FX market, using an Australia-based over the counter contracts for difference (CFD) broker.

Opinion

With the recent changes to St Vincent licensing, what will the future trends be for licensing in 2023?

New St. Vincent and the Grenadines regulations came as somewhat of a shock for those brokerages that are only regulated in SVG

<