Stablecoin issuer Circle has reportedly notified its users that it will cease its support for consumer accounts.
âAs part of Circleâs strategic review, consumer-only Circle Accounts will no longer be supported. We will discontinue wiring and mining functionalities and close your account on November 30, 2023,â the statement noted.
SponsoredCircle Gives 30-Day Notice for Consumer Accounts Closure
In a recent statement, Circle chose not to reveal the specific motivations behind its decision to close consumer accounts. Still, it did notify its users that this action aligns with its terms and agreements.
âThis action is consistent with Circleâs specific terms found within our applicable legal agreement.â
This comes after Circleâs CEO, Jeremy Allaire, refuted the idea that Circle solely focuses on the US market.
On August 8, BeInCrypto published Allaireâs comments indicating that most of Circleâs business comes from outside the US. Allaire stated,
âDespite the hype that weâre all about the US, we estimate that 70% of USDC stablecoin adoption is non-US.â
Learn more: What Is a Stablecoin? A Beginnerâs Guide
Circle Pushes for Global Expansion
This also comes only months after Singapore authorities granted Circle a Major Payment Institution (MPI) license.
The license, which was issued by the Monetary Authority of Singapore (MAS), allows Circle Singapore to offer digital payment token services in Singapore.
On June 7, Allaire acknowledged the move as a huge step forward for crypto in the greater Asian region.Â
âThis milestone signifies a huge step forward for the future of regulated, transparent, and trusted dollar digital currencies in Singapore and the greater Asia region.â
Meanwhile, as part of its continued global expansion endeavors, the company announced earlier this year its plan to set up its European headquarters in Paris.
The reasons behind this are Franceâs favorable attitude towards crypto and the nationâs ambition to emerge as a global hub for web3.
Learn more: What Are Algorithmic Stablecoins?
