Circle Internet Financial, LLC, the sole issuer of USD Coin (USDC) and a global internet finance firm that provides internet-based payments and financial infrastructure to businesses of all sizes, today announced the launch of the new Circle Account.
Circle Account’s comprehensive portal enables business customers to deposit, withdraw, send, receive, store, and allocate funds to invest in digital currency in order to carry out their operations in the digital economy.
The launch of the new Circle Account coincides with a surge in interest in digital assets. According to Gartner’s December 2021 research, 20% of businesses will use “digital currencies for payments, stored value, or collateral by 2024.” This increased interest coincides with rapid innovation in blockchain technology, which promotes faster and cheaper transactions, and as high inflation prompts some businesses to turn to digital assets as a hedge.
Circle Account, as a one-stop shop to help businesses accelerate their growth and quickly integrate with the digital economy, makes it simple to start transacting with USDC and settling in and out of digital currencies. From 2020 to the end of 2021, the number of active Circle Accounts increased by 213 percent. Institutional accredited investors can use Circle Account to allocate funds to Circle Yield*, which will generate a higher yield on their USDC by investing it in crypto-capital markets. Circle Yield is a fixed-term investment that is fully collateralized and secured with bitcoin.
“The new, redesigned 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, Circle’s VP of Product.
The new Circle Account provides an improved user experience by allowing customers to send and receive USDC on eight different blockchains, make 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 thanks to new features like multi-factor authentication and multi-user support. Users can exchange USDC on Ethereum, Algorand, Solana, Stellar, TRON, Hedera, Avalanche, and Flow.