04 March 2022 17:10, UTC
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Circle, the USDT stablecoin issuer, has delayed the launch of an API that makes it easier for organizations to access DeFi protocols using the Ethereum network.
Circle CEO Jeremy Allaire tweeted about the product back in June last year. He promised that the new API will provide companies with a safe, secure and regulated infrastructure to access the DeFi Compound protocol and other decentralized finance markets. The infrastructure was supposed to boost the DeFi industry. However, on March 4, Circle announced that it was postponing the launch of the new product as it intends to seek additional regulatory guidance first.
The timing of the deployment of DeFi APIs will depend not only on regulations, but also on the development of special tools to ensure compliance, as well as identification protocols. A spokesperson for Circle did not provide an exact launch date for the product. Therefore, users can no longer register through a product link to be placed on a waiting list.
The company announced that it has committed resources to the development of the Circle Yield service, as well as the launch of the USDC stablecoin on various blockchains. Last year, this stablecoin appeared on the Solana, Hedera Hashgraph, and Avalanche blockchains. At the same time, the company remains focused on enabling organizations to send, spend, and securely store USDC, as well as do business in a new way using the services available in Circle.
Ellire recently reported that USDC’s market capitalization has grown by 10,000% since 2019 to reach $50 billion. Meanwhile, Circle is preparing for a public offering on the stock market, the company is valued at $9 billion.
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