Circle Makes Major Announcement To Customers

October 31, 2023 6:13 pm Comments

According to sources, Circle, the company behind the USDC stablecoin, has notified customers of a major change.

The company notified customers via an email sent out on Tuesday, October 31 that it would be closing all individual accounts—individuals can no longer mint USDC on the platform.

However, minting will still continue, and the company has confirmed that institutional accounts can still mint USDC and will not see their accounts closed.

Coin Telegraph provided an excerpt from the email sent out to Circle customers:

“Circle is phasing out support for legacy consumer accounts and has notified individual consumers of this decision. Account closures do not apply to business or institutional Circle Mint accounts.”

Here’s what the crypto community is saying in response to Circle’s latest announcement:

The Block added:

Circle rival Tether still supports individual consumer accounts, but with a minimum limit of $100,000.

“Tether allows both individuals and corporate customers to participate in its primary market for issuances and redemptions,” Tether CEO Paolo Ardoino told The Block.

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