Circle Internet Financial Limited, the Boston-based issuer of the USDC stablecoin, said Tuesday that it will discontinue minting services for retail users starting Nov. 30
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Fast Facts
- “We mint and redeem USDC for business and institutional customers. This is not new news,” Circle said on X (formerly Twitter). “In September 2021 we sunset a customer app and are now offboarding those legacy, individual consumer accounts.”
- The firm said that retail account holders may continue redeeming USDC via Circle through Nov. 30 and that the stablecoin will remain available for retail users through cryptocurrency exchanges or wallet services.
- USDC’s US$24.7 billion market capitalization ranks second only to Tether’s USDT, which has a market cap of over US$84.8 billion, according to CoinMarketCap data.
- On Tuesday, Tether reported US$3.2 billion of excess reserves backing its stablecoins in its third quarter attestation. The stablecoin issuer claimed to have US$86.4 billion in reserves against US$83.2 billion in liabilities.
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