USDC Issuer Circle Curbs Stablecoin Minting for Retail Users

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CoinDesk published this video item, entitled “USDC Issuer Circle Curbs Stablecoin Minting for Retail Users” – below is their description.

USDC issuer Circle Internet Financial said Tuesday it is curbing service for individual accounts to mint stablecoins. “Circle is phasing out support for legacy consumer accounts and has notified individual consumers of this decision,” a Circle spokesperson told CoinDesk in an email. “Account closures do not apply to business or institutional Circle Mint accounts.”

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About This Source - CoinDesk

CoinDesk is a news site specializing in bitcoin and digital currencies. The site was founded by Shakil Khan and was subsequently acquired by Digital Currency Group.

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Stablecoins are cryptocurrencies where the price is designed to be pegged to a cryptocurrency, fiat money, or to exchange-traded commodities.

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USD Coin (known by its ticker USDC) is a stablecoin that is pegged to the U.S. dollar on a 1:1 basis. Every unit of this cryptocurrency in circulation is backed up by $1 that is held in reserve, in a mix of cash and short-term U.S. Treasury bonds.

USD Coin is managed by a consortium called Centre, which was founded by Circle and includes members from the cryptocurrency exchange Coinbase and Bitcoin mining company Bitmain, an investor in Circle.

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