Circle sells everything to focus only on the stablecoin
Circle sells everything to focus only on the stablecoin
Stable Coin

Circle sells everything to focus only on the stablecoin

By Amelia Tomasicchio - 10 Mar 2020

Chevron down

Circle, represented by its co-founder Jeremy Allaire, announced today that it intends to concentrate all its resources on the development of the USDC stablecoin, thus also selling the SeedInvest crowdfunding platform purchased only a year ago.

With this in mind, Circle today launched new APIs and the so-called Circle Business Account, a solution for companies to manage payments with the USDC stablecoin.

USDC is in fact pegged 1 to 1 to the value of the US dollar. It is an ERC20 token, meaning that it complies with the Ethereum blockchain standard.

As a result, Circle actually wants to challenge Tether (USDT) in the “battle” for the supremacy of the best stablecoin. As of now, Tether is the most widely used stablecoin in the world and is currently ranked 5th on CoinMarketCap with volumes exceeding $52 billion in the last 24 hours.

Allaire explained to Coindesk:

“We’ve been executing like crazy on USDC. We’ve tokenized over $1.6 billion in USDC, crossed the $500 million market cap recently”.

All the sales of Circle

Circle has also recently sold Poloniex to Justin Sun, CEO of the TRON Foundation, and lost half of its employees. Whereas in December, Kraken acquired the Over the Counter (OTC) platform developed by Circle. It appears that Circle is abandoning all its projects to focus only on USDC.

Prior to that, Circle had also sold Circle Pay and Circle Invest.

Allaire added:

“We had about 100 people who went with these different spinouts … [it was] a natural way for people to go with those businesses and product lines”.

It is not yet clear whether the company will also expand the offer of its stablecoins by launching tokens pegged to other assets, which is what Tether did recently with Tether Gold (XAUT).

Amelia Tomasicchio

As expert in digital marketing, Amelia began working in the fintech sector in 2014 after writing her thesis on Bitcoin technology. Previously author for several international crypto-related magazines and CMO at Eidoo. She is now the co-founder and editor-in-chief of The Cryptonomist, and also PR manager for the Italian market at Bitget. She is also a marketing teacher at Digital Coach in Milan and she published a book about NFTs for the Italian publishing house Mondadori, while she is also helping artists and company to entering in the sector. As advisor, Amelia is also involved in metaverse-related project such as The Nemesis and OVER.

We use cookies to make sure you can have the best experience on our site. If you continue to use this site we will assume that you are happy with it.