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Circle launches support for Polygon USDC stablecoin on its payments platform

Quick Take Circle’s institutional clients will be able to convert fiat deposits to Polygon USDC within their Circle Accounts. Polygon USDC is the first bridged version of Circle’s stablecoin to be supported on the company’s payment platform. Circle’s payments and treasury platform now supports Polygon USD Coin (USDC) thus enabling seamless transactions for customers using the stablecoin. According to a Tuesday announcement, Polygon USDC is the first “bridged” version of the stablecoin to be supported on its platform. Bridging in …

Waning institutional demand is forcing high-yield crypto accounts to slash rates

The returns available on crypto holdings have fallen to their lowest levels in more than a year on some platforms as institutional demand to borrow recedes, diminishing one of the market’s most attractive selling points for smaller investors.  Crypto lending platforms such as BlockFi and Celsius have experienced staggering growth since 2020, attracting millions of customers by providing yields to individual investors that have ranged from a few percent to as high as 17%.  These platforms take deposited funds and …

Tether’s market price slips below dollar parity amid ongoing stablecoin woes

Tether (USDT), the largest stablecoin, slipped below $0.96 early Thursday in a further sign of stress in the crypto market.  The token dropped to a 24-hour low of $0.956 on FTX as of 3:15 a.m. ET. On Bitfinex, USDT is trading at $0.998. Bitfinex and the stablecoin Tether are subsidiaries of the same parent company.  Over the past few days, TerraUSD (UST) — an algorithmic stablecoin native to Terra that is supposed to track the price of the US dollar …

Circle CEO Jeremy Allaire breaks down mystery of stablecoin yield

This special bonus episode of The Scoop was recorded live at the Crypto Bahamas conference with Jeremy Allaire, CEO of Circle, the digital payments and infrastructure company behind the popular stablecoin USDC. As data from The Block shows, USDC is the second-largest stablecoin by market capitalization, and its share of the total stablecoin supply has been steadily on the rise. According to Allaire, a primary driver of demand for stablecoins comes from crypto native businesses: “Basically any business that operates …

Twitter reports increased first-quarter revenue, reveals data error

Twitter reported an increase in first-quarter revenue on Thursday, three days after accepting Elon Musk’s bid to take the company private. The US social media company made what could be its last public earnings announcement, which showed first-quarter revenue up 16% to $1.2 billion. Net income for the quarter was $513 million, boosted by the sale of its MoPub mobile ad platform.  As the Twitter board accepted Tesla CEO Musk’s bid to take the company private on Monday, the standard …

Twitter to test out Stripe’s newly added support for USDC payments

Quick Take Stripe is adding support for payments in the USDC stablecoin on the Polygon blockchain. It will be available through Stripe Connect and Twitter will be the first company to test this service out. Financial services provider Stripe will support payments in the USDC stablecoin on the Polygon blockchain, according to an announcement today. Such payments will be accessible through Stripe Connect — its system for integrating payments into online marketplaces — starting with Twitter as its first partner. …

Worldpay to offer merchants direct settlement in USDC

Payments infrastructure service Worldpay announced on Wednesday that it will offer merchants the ability to receive settlement directly in the stablecoin USDC.  In partnership with Circle, the move will let both crypto-native and traditional businesses build stablecoin settlement into their offerings, Worldpay’s parent company FIS said in a release. Crypto.com will act as a pilot customer.  For traditional merchants and other corporates, the ability to receive settlement in stablecoins can help drive adoption of digital assets by enabling them to …

Circle valued at $9 billion under revamped SPAC deal terms

Circle — the firm behind stablecoin USDC — announced on Thursday that it has scrapped its previous deal with special purpose acquisition company Concord Acquisition Corp in favor for a new deal with the firm as it charges forward with its plan to go public.  In July 2021, Circle announced its plans to tap public markets via a SPAC through a deal with Concord, which is chaired by former Barclays chief executive Bob Diamond. The new deal values Circle at $9 …

Tether has helped recover $87 million in USDT to date

Stablecoin issuer Tether has helped users recover $87 million in USDT sent to wrong addresses since its launch in 2014, its CTO Paolo Ardoino told The Block. Just earlier this week, for instance, Tether recovered nearly $1.5 million in USDT on behalf of users, according to Ardoino. As The Block has reported previously, Tether has a recovery mechanism in place that allows it to blacklist addresses on the Ethereum and Tron blockchains, freeze funds in those addresses, and issue new …

USDC’s supply on Ethereum surpasses that of USDT’s for the first time

The total supply of the USDC stablecoin on the Ethereum blockchain has surpassed that of rival Tether’s (USDT) for the first time. The current total supply of USDC on Ethereum stands at 39.92 billion, whereas USDT’s total supply on the blockchain stands at 39.82 billion, according to Etherscan. USDC’s supply beating USDT’s on Ethereum is significant since the blockchain remains a major contributor of growth for both stablecoins. USDC and USDT are available on several blockchains, including Solana and Algorand. …