Stablecoins Updates: Circle Raises Red Flag For Consumer Accounts, Tether May Grab With Minimum Limit
Portfolio Pulse from Khyathi Dalal
Circle, the issuer of stablecoin USDC, has announced it will discontinue support for consumer Circle Mint accounts and no longer create new accounts for individual retail consumers. This move may benefit Tether, which will support individual consumer accounts but with a minimum limit of $100,000. Tether remains the largest stablecoin issuer with a total supply of around $91 billion for its USDT token, while Circle has a total supply of about $27 billion for USDC. Tether's third-quarter attestation report showed cash and equivalents accounted for 85.7% of its total reserves, the highest ever.
October 31, 2023 | 10:59 pm
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POSITIVE IMPACT
Tether's decision to support individual consumer accounts and its highest ever cash reserves may positively impact the demand for USDT in the short term.
Tether's decision to support individual consumer accounts may lead to an increase in demand for USDT as individual retail consumers may shift from Circle to Tether. Additionally, Tether's highest ever cash reserves may increase investor confidence, potentially leading to an increase in the price of USDT in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Circle's decision to discontinue support for consumer accounts may negatively impact the demand for USDC in the short term.
Circle's decision to discontinue support for consumer accounts may lead to a decrease in demand for USDC as individual retail consumers may shift to other platforms. This could potentially lead to a decrease in the price of USDC in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100