Circle launches business account as USDC marketcap tops $50 billion

Boston-based stablecoin issuer Circle has rolled out a business account type that caters to any enterprise size ranging from small funds, corporates 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 begin transacting with USDC and settle in and out of digital currencies. On top of that, institutional investors can allocate funds into “Circle Yield” to earn additional income from their USDC holdings by investing it into crypto-capital markets.

The firm has 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 upgraded user experience that allows customers to send and receive USDC on eight different blockchains, realize near-instant transfers via Signet and the Silvergate Exchange Network (SEN), download transaction history and view balance summaries and earn returns via Circle Yield – all with increased security and flexibility through new features such as 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 grows to $50 billion

Circle has been expanding the reach of the offering that is primarily focused on retail trading and investing to appeal for B2B partnerships. Currently, the crypto unicorn puts greater emphasis on its USD Coin (USDC), a stablecoin pegged to the US dollar. Furthermore, Circle also opens the doors of its stablecoin to businesses with a dedicated account that provides a toolbox of APIs to allow developers to build on top of USDC.

Acting as a sort of safe haven where crypto traders can park their assets in volatile markets, USDC is an Ethereum-based ERC-20 coin, which makes it easy for wallets, exchanges and other smart contracts to interact with the token.

With nearly $50 billion worth of tokens in circulation, USDC continues its remarkable trajectory, growing 10x over the course of 2021. Currently available on 8 blockchains, the coin has its ecosystem already integrated into more than 200 exchanges, platforms, wallets, and service providers.

“The new, revamped 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,” said Rachel Mayer, VP of Product at Circle.