Blockchain financial technology firm Circle has unveiled an account service that enables institutions to transact cryptocurrencies amid rising adoption.
BTCUSD is up + 0.94%
Circle says that businesses can deposit, withdraw, or store cryptocurrencies where all the settlements are done in USDC stablecoin with the new offering.
Account users can transact USDC in eight protocols, including Algorand, Solana, Stellar, and Avalanche.
The new feature enables companies to support cryptocurrency payments in their businesses and use the asset as a security.
Pre-qualified investors use circle accounts to participate in the firm’s stablecoin lending program, dubbed Circle Yield. Investors can get between 4-6% annual return in the program.
The firm maintains that Circle Yield is overcollateralized with bitcoin in that its holding provides a safety net against default.
Circle has recorded a surge in active users by 213% since the company launched crypto accounts two years ago. The stablecoin has seen rising use cases that aim to streamline business operations.