By
Benjamin Njiri
April 23rd, 2024
The Circle Account provides USDC to its customers across the world. With more than $52 billion in distribution on February 23, 2022, USDC is backed fully by cash and equivalents and short-duration US Treasuries. It is exchangeable 1:1 for US dollars.
Global internet finance company Circle has unveiled its new Circle Account as part of innovation for business development for new and existing customers. Circle’s mobile payment platform, Circle Pay, allows users to hold, send, and receive traditional fiat currencies. On the other hand, the new Circle Account will enable businesses to transact using cryptocurrencies. Starting from the launch date, 23rd of February, the service has been available to all Circle customers. Circle has invited every business to explore its new features that make transactions with the USD Coin seamless.
Circle Announces New Account for USDC Transactions
The Circle Account will kick-off building US dollar currencies purposes into businesses through Circle APIs. Also, this will allow customers to accept payments, give direct USDC accessibility and automation, and unlimited daily withdrawal and deposit. Consumers will also enjoy near access-instant bank transfers using Signature Bank’s Signet and the Silvergate Exchange Network (SEN).
For certified institutional investors who are eligible, the new Circle Account is a gateway to Circle Yield. Circle Yield is a dynamic means of coin lending, protecting interests throughout the loan duration.
The Circle Account provides USDC to its customers across the world. With more than $52 billion in distribution on February 23, 2022, USDC is backed fully by cash and equivalents and short-duration US Treasuries. It is exchangeable 1:1 for US dollars.
Furthermore, the new Account can engage across eight blockchains, running at a low charge. They include Ethereum, Solana, Algorand, Avalanche, Flow, Hedera, Stellar, and Tron. Interestingly, multiple users can share an account without fear of the risk of a security breach. It guarantees a degree of operational security in the form of multi-factor authentication and crypto custody.
Circle clients have been giving feedback following the launch. Feedback from the Head of Investor Relations at Berkley Capital, Ben Duggan, says:
“We’ve been extremely impressed with the Circle Account, especially how quick and easy it is to use. Sometimes we send funds in and out and are in and out of the website in less than a minute.” Another client says, “Our Circle Account gives incredible confidence and control over our investment in Circle Yield. It is easy to use and provides up-to-the-minute status across all of our USDC investments.”
New Circle Account Benefit to Digital Assets
In addition, the new account comes amid a thriving focus on digital assets. The expanded focus is occurring combined with swift inventions in blockchain technology. Thereby, it promotes faster and cheaper transactions, and prompts some companies to turn to digital assets as security against inflation.
According to technological research and security firm Gartner Inc. in December, “20% of businesses will use “digital currencies for payments, stored value or collateral by 2024.” From 2020 to the end of 2021, the demand for Circle Accounts boomed, with active accounts growing 213%.
Rachel Mayer, VP of Product at Circle, said:
“The new Circle Account is laser focused on delivering an upgraded, dynamic experience to our business customers, making it the go-to destination for payments and treasury activity.”
The new Circle Account is user-friendly, with an easy-to-use interface, allows businesses to issue global payouts, and maintains a flexible user accounts setup as their business expands.