Circle Internet Financial Phases Out Support for Individual Stablecoin Accounts

According to CoinDesk, Circle Internet Financial, the issuer of USDC, announced on Wednesday that it is phasing out support for individual accounts to mint stablecoins. The company has notified individual consumers of this decision, but account closures do not apply to business or institutional Circle Mint accounts. Circle currently accepts qualified institutional clients only, as it does not serve retail consumers directly. Retail users can access USDC through brokerages, crypto exchanges, and digital asset wallet services.Screenshots of a customer email shared on social media platform X showed Circle notifying an individual account holder with zero balance that the company will discontinue wiring and minting abilities on November 30, prompting speculations about a crackdown on accounts. Circle's decision to curb retail investors aligns with the practices of its main competitor, Tether, which limits USDT minting and redemptions at a $100,000 minimum threshold. USDC is the second-largest stablecoin offering with a $25 billion supply, but its market share has significantly declined throughout this year. USDC lost 43% of its market capitalization year-to-date, while USDT soared to a new all-time high of over $84 billion.