Circle, the company behind the stablecoin USD Coin (USDC), has decided to close the app next month to shift its focus to other activities.
Two years after its launch in October 2017, the Circle Pay app, designed as a method for transferring and receiving digital money around the world, will begin the closing procedure next month and will close in September.
– From June 8th, users will no longer be able to receive and send money to their account and will only be able to withdraw their funds via a card or a bank account linked to it;
– From July 31st any remaining funds on the accounts will automatically be transferred to the relevant cards and bank accounts that are linked to the account;
– On September 30th the app support will be completely closed and after that date, the escheatment process will begin.
From now on Circle will focus on other wallet products and services related to the stablecoin USDC. Circle also operates an OTC (Over-the-Counter) trading platform, a security token platform, SeedInvest, and the Poloniex exchange. Last month it also announced a 10% reduction in staff, trying to adapt to new market conditions and stringent US regulation.