Circle Announces the End of USDC Issuance for Individual Accounts

If you hold USDC or plan to, Circle's recent announcement is a must-read.

The company is discontinuing USDC issuance services for individual accounts, effective immediately, and moving towards a phased account closure strategy.

Find out the critical details and what alternatives you have to keep using USDC.

Official Statement on Terminating USDC Issuance for General Customers

On November 1, 2023, Circle, the company responsible for issuing the USD-pegged stablecoin USDC, provided an explanation regarding the cessation of USDC issuance services for general customers.

The company had initially announced on the same day that they would "immediately close the accounts that support USDC issuance for general customers," but later corrected the statement to indicate a phased closure of accounts.

The details of this move were also communicated to individual users via email. An explanation has also been provided on the official 'X' account as of 7 a.m. on the day.

According to the official announcement, Circle had already discontinued its consumer-facing app in September 2021 and is gradually terminating services aimed at individual users.

The company clarified that "account holders will be able to redeem their USDC through Circle until November 30th."

Continued Access to USDC Through Other Services

Furthermore, individuals who wish to purchase or redeem USDC can continue to use services through cryptocurrency exchanges, brokers, and wallet services.

Corporate and institutional mint accounts will still be available for use, according to Circle.

Notification Sent Even to Accounts with Zero Balance

In addition, Circle has been notifying even those general customers with a zero balance about this update. According to reports, the email states, "As per our records, you have no valid balance, and no further action is required on your part."