Circle, the stablecoin issuer, has told its customers via email that consumer or individual accounts will be closed on November 30.
Circle, the stablecoin issuer, has told its customers via email that consumer or individual accounts will be closed on November 30. The closure of these accounts is described as part of Circle's strategic review.
Customers were notified via email that the wiring and minting functions would no longer be supported. Business and institutional "Mint" accounts, on the other hand, will continue to be available.
Circle's action has sparked speculation, with theories ranging from emptying reserves to a cost-cutting and restructuring effort. Circle refers to the individual accounts as "legacy consumer accounts," implying that they were no longer in use.
Circle also mentioned that “hundreds of services worldwide, via retail exchanges, brokerages or wallet services, are available for individuals wishing to purchase or redeem USDC.”
USDC has been losing market share to USDT since the start of the year, with its market capitalization falling by over 44.8% since January 2023.
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