Wednesday, July 17, 2024
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More wait for the Circle’s DeFi API product following need for regulatory guidance

Circle, a cryptocurrency payments infrastructure provider and stablecoin issuer, has postponed the launch of its DeFi application programming interface (API), citing the need for more regulatory advice.

Circle said in a statement to The Block today that the DeFi API product, which would’ve initially helped businesses access Compound on the Ethereum network, has been delayed and that resources will now be dedicated to launching the Circle Yield product and making the USDC stablecoin available on new blockchains. Users can no longer register their interest in the aforementioned blog post, with the “join the waitlist” link redirecting to the Circle homepage.

In October, the company launched USDC on the Hedera network, and in February, it renegotiated an agreement to join the stock market through a special purpose acquisition company (SPAC). Circle renegotiated the terms of its SPAC acquisition last month, increasing its planned valuation from $4.5 billion to $9 billion as it moves closer to going public.

It’s a wrap for this story.

Kunal Krishan
Kunal Krishan
Kunal is an investment space writer who firmly believes investment is something which should not be a choice but a part of everyone's life.


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