Circle, a peer-to-peer payments fintech company, has entered into a partnership with Genesis, a digital asset prime brokerage firm, an official press release says.
With the partnership, the both companies are planning to develop yield and lending services for the USD Coin stablecoin (USDC).
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Circle also announced that the parent company of Genesis, invested $25 million in the company, to accelerate "the global adoption of USDC in mainstream finance."
Circle Senior Vice President of Global Corporate Communications, Josh Hawkins, says the partnership will bring to the cryptocurrency market solutions for businesses and developers who are seeking to generate strong positive yield from their own or customer USDC holdings.
"The $25 million in new strategic capital from Digital Currency Group will accelerate investment and growth behind Circle’s new suite of business accounts and platform services," Hawkins added.
iHodl previously reported that the CENTRE consortium, an issuer of the USDC stablecoin, blacklisted an Ethereum user account that had $100,000 in USDC.
The decision was made following a request by the authorities, CENTRE said. In order to freeze the funds stored in the wallet, the developers sent a transaction with the "blacklist(address investor)" function, which bans depositing and withdrawing funds.
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