Circle, a global fintech firm and a pioneer in crypto payment solutions, has announced the launch of its new product, Circle Yield, which would be a well-regulated crypto yield and treasury solution for institutional investors and enterprises as well.
This is regulated by the Bermuda Monetary Authority (BMA) and it offers an alternative yield generating instrument for investors and treasurers located in the US and Switzerland. The company holds a Class F(“Full”) DABA license with the BMA which provides oversight on the crypto products as well and ensures regulatory compliance.
“Circle was the world’s first fintech company to receive the BMA’s Class F (“Full”) DABA license and ever since we have maintained a deep commitment to Bermuda and building the future of money and payments on the Internet, with Bermuda being an important part of our global operational platform. With the launch of Circle Yield, together with our recent strategic capital raise, we look forward to building our operations in Bermuda to support substantial corporate treasury demand for crypto-assets and yield, while at the same time supporting Circle’s overall market expansion strategy,” said Jeremy Allaire, Circle’s co-founder, and CEO.
Circle was one of the first companies to undertake support for crypto payments and it looks towards blockchain for powering its full suite of solutions that cover payments, commerce, and financial applications. During the next few months, it will be offering this yield service only to customers within the US and Switzerland while it continues to work on the upgrades and features of the platform and would then work with the regulators to expand this offering.
For the BMA, it is yet another proof of their long-standing support for innovation and crypto and how they have designed their regulatory framework to accommodate and ensure compliance even for new fields like blockchain and crypto which continue to see innovation at a very fast pace. In such circumstances, it is important for the regulatory body to keep pace with the developments and it is to the credit of Bermuda and BMA that they have managed to stay on top of this.
Circle had recently tied up with FTX to help them with their USDC payments and settlement as it continues to build on its stablecoin clientele as far as its payments product suite is concerned. The company continues to bet big on the crypto ecosystem as it develops a variety of products and solutions for its clientele.