Circle Launches Professional Account as USDC Market Cap Surpasses $50 Billion
Circle, a Boston-based stablecoin issuer, has rolled out a business account type that caters to all sizes of business, from small funds to large institutions.
Dubbed “Circle Account”, the new product allows business customers to deposit, withdraw, send, receive, store and allocate funds to invest in cryptocurrencies.
The Circle account acts as a one-stop-shop to help businesses start transacting with USDC and move in and out of digital currencies. In addition to this, institutional investors can allocate funds in “Circle Yield” to earn additional income from their USDC holdings by investing it in crypto capital markets.
The company recently opened up its yield service to all businesses with a minimum investment capital of $100,000 in digital currency. Circle Yield is a fixed term investment that is secured and collateralized with bitcoin.
“The new Circle account offers an enhanced user experience that allows customers to send and receive USDC on eight different blockchains, make near-instant transfers through Signet and the Silvergate Exchange Network (SEN), download the transaction history and view balance summaries and earn returns through Circle Yield – all with increased security and flexibility thanks to new features like multi-factor authentication and multi-user support. Users can transact with USDC on Ethereum, Algorand, Solana, Stellar, TRON, Hedera, Avalanche, and Flow,” the company said in a statement.
USDC market cap rises to $50 billion
Circle has expanded the scope of the offering which primarily focuses on retail and investment to attract B2B partnerships. Currently, the crypto unicorn is placing more emphasis on its USD Coin (USDC), a stablecoin pegged to the US dollar. Additionally, Circle is also opening the doors of its stablecoin to businesses with a dedicated account that provides an API toolkit for developers to build on USDC.
Acting as a kind of safe haven where crypto traders can park their assets in volatile markets, USDC is an ERC-20 coin based on Ethereum, which allows wallets, exchanges and other smart contracts to easily interact with the token.
With nearly $50 billion in tokens in circulation, USDC continues its remarkable trajectory, growing 10x in the year 2021. Currently available on 8 blockchains, the coin has its ecosystem already integrated into over 200 exchanges, platforms, wallets and service providers. .
“The new, revamped Circle account is focused on delivering a dynamic and enhanced experience to our business customers, making it the go-to destination for payments and treasury activities,” said Rachel Mayer, vice president of product. at Circle.