Stablecoin issuer Circle launches business accounts for USDC transactions

USD Coin (USDC) operator Circle has released a new account services aimed at supporting companies transact in cryptocurrencies — perhaps opening the door to broader mainstream adoption of digital belongings. 

The new enterprise-centric Circle Account enables company purchasers to deposit, withdraw, acquire and store cryptocurrencies and have all payments settled in the USDC stablecoin, the company declared Wednesday. Circle’s new account characteristics give firms the capability to seamlessly combine crypto payments into their operations and use digital property as collateral. Account holders can mail and obtain USDC throughout eight blockchains, together with Ethereum, Algorand, Solana, Stellar, Tron, Hedera, Avalanche and Flow.

Because the launch of Circle Accounts in 2020, the variety of active users has elevated by 213%, the company explained. “Businesses may perhaps undertake USDC for any quantity of good reasons to produce included efficiencies for their functions,” a Circle spokesperson told Cointelegraph, adding:

“Some motorists for USDC growth are amplified payment use circumstances, cross-border transactions and the adoption of property like USDC as a “flight to protection,” in particular in international locations the place the area currency is suffering from a valuation reduction.”

Circle Accounts can also be applied by accredited traders to participate in the company’s stablecoin lending program. Known as Circle Yield, the program delivers traders amongst 4% and 6% in annual returns. Circle states that its Yield item is “overcollateralized” with Bitcoin (BTC), which means its BTC holdings exceed the amount of money essential to include opportunity losses in the function of default.

Indeed, they do.

Modern marriage concerning USDC operator @circlepay and Concord Acquisition Corp final results in a $9 billion revaluation and ideas to enter the NYSE.https://t.co/k9GgxkARqu

— Cointelegraph (@Cointelegraph) February 18, 2022

Relevant: Wyoming lawmakers introduce legislation for condition-issued stablecoin

As Cointelegraph described, Circle noticed its valuation double to $9 billion previously this thirty day period just after it revised a prepared merger agreement with Harmony Acquisition Corp, a special function acquisition business founded in 2020. Circle and Harmony are envisioned to finalize their merger by Dec. 8, 2022.

Circle’s USDC is the second-major stablecoin in phrases of current market capitalization and is amongst the quickest-escalating. USDC at the moment has a sector capitalization of $52.7 billion in contrast to Tether’s $79.4 billion, according to CoinMarketCap.