The issuer of stablecoin USD Coin (USDC), Circle, has launched a new account service that enables corporate customers to deposit, withdraw, receive and store cryptocurrencies through their account and settle all payments in USDC stablecoins.
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Circle focuses on the position as the issuer of stablecoin USD Coin (USDC), one of the fastest-growing USD digital currencies; USDC’s circulation has more than doubled, reaching $52.5 billion as of February 16. Its circulation accounts for stable more than 29% of the currency market, second only to tether (USDT).
The newly added feature enables corporate accounts to integrate cryptocurrency trading into their corporate accounts’ operations and offers eligible investors a stablecoin lending program called Circle Yield, Inc., which offers annual returns of up to 4% to 6%.
Through Circle Account, business holders can pay or receive USDC on eight different blockchains: Ethereum, Algorand, Solana, Stellar, Tron, Hedera, Avalanche and Flow.
A Circle spokesperson said that:
“Some drivers for USDC growth are increased payment use cases, cross-border transactions and the adoption of assets like USDC as a “flight to safety,” especially in countries where the local currency is suffering from a valuation loss.”
Fintech company Circle Internet Financial has revamped its merger agreement with Concord Acquisition Corp (NYSE: CND) through a special purpose acquisition company (SPAC), doubling its valuation to $9 billion from the $4.5 billion were initially announced in July 2021.
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