DeFi News Today TheBitTimes.com

Stablecoin issuer Circle sent emails to customers stating that individual consumer accounts would be phased out. Stablecoin issuer Circle will close out consumer or individual accounts on November 30, according to emails received by Circle customers on October 31. In an email to Cointelegraph, the stablecoin issuer confirmed that it is closing the accounts but confirmed that business and institutional “Mint” accounts will remain available. On the morning of October 31, crypto user Evanss6 posted an image to X (formerly Twitter) of an email that Circle customers allegedly received. The email stated that individual accounts are being closed “as part of Circle’s strategic review.” The customer was told that “wiring and minting functionalities” would no longer be supported and that the account would be closed on November 30. In an email to Cointelegraph, a Circle representative confirmed that the accounts are being shut down but that business and institutional accounts will remain o...

Circle and Tether have been battling for stablecoin market supremacy for several years but recently things have escalated with a series of increasingly public spats between the two firms.  Earlier this year, USDC suffered a de-peg, and Circle, which had stored billions with Silicon Valley Bank (SVB), duly failed. Tether’s chief technology officer Paolo Ardoino described the company’s reserve management around the SVB failure as a “basic mistake in risk management.” Tether has been criticized for its own reserve management in the past and has reached several settlements with the New York Attorney General and Commodity Futures Trading Commission (CFTC). These relate to undisclosed related party loans that followed the loss of access to hundreds of millions of dollars stored at an unlicensed money transmitter accused of money laundering for the Colombian cartels. The rise and fall of Crypto Capital Corp, crypto’s premiere shadow bank Dante Disparte, chief ...