The fintech Riese Circle is breaking new ground in the future. The company announced the end of its payment in the App Circle Pay. The instant payment application attracted customers with the automatic transfer of the Fiat currency received to Bitcoin. Now she has passed her zenith.
Circle of payment is gradually buried. This is evident in the publication of the associated media. As of July 8, new funds can not be added to the application. In addition, sending money is no longer possible as of the date. This transition phase should give customers the opportunity to withdraw their funds from the application portfolio. Finally, on September 30, the support for Circle Pay will finally be discontinued.
The step of the growing success of stable currencies
The publication of the blog explains this step with the growing success of stable currencies. These would have made it possible to make Circle Pay’s vision of an immediate value transfer even easier.
With the development of Fiat tokens and stable currencies like USD Coin (USDC), people can seamlessly transfer the Fiat value through blockchains without risking the volatility of the cryptocurrency by making payments between immediate, global and safe pairs. And run for free, boosting our original vision forward and providing more global and impeccable opportunities to people around the world. Therefore, we consider it appropriate to interrupt Circle Pay at this time.
Circle and Coinbase cooperate for a common stable currency
This reference to stable currencies and especially to the USD currency is not a coincidence. The coin is finally a product of the cooperation of Circle and the exchange of Bitcoin Coinbase. The two cryptographic companies founded the Consortium Center. Coinciding with the announcement of the end of Circle Pay, Circle announced in another blog the planned expansion of the Center. Institutions and other companies can now become members of the Center Consortium. This will entitle you to spend and redeem USDC.