Circle to Cease Supporting Individual User Minting of Stablecoins
Circle, the second-largest issuer of the USDC stablecoin, will no longer support individual users in minting stablecoins.
Circle will halt support for individual user minting of stablecoins. Image: Bitcoinist
In an announcement on the evening of October 31, Circle, the entity behind the USDC stablecoin, stated that it will cease supporting user accounts under Circle Mint.
Screenshot of Circle's announcement
A spokesperson confirmed to the media that Circle is closing existing user accounts and has notified users of this decision. However, Circle Mint will continue to be available for accounts held by businesses or organizations.
Additionally, Circle will close Circle Mint accounts with zero balances on November 30.
From now on, users wishing to mint stablecoins such as USDC or EURC will need to seek other platforms.
Meanwhile, Circle's competitor, Tether, continues to support individual user accounts but imposes a minimum threshold of $100,000.
At present, Tether maintains its dominance in the stablecoin market with a total supply of approximately $91 billion USDT. Following closely behind is Circle, with a supply of $27 billion USDC.
Supply of some leading stablecoins. Source: The Block
In other updates, Circle recently partnered with FamilyMart to allow users to exchange shopping points for USDC. The major entity also collaborated with Grab to trial a web3 wallet in Singapore not long ago.
