On July 13th, Circle announced that they would discontinue their Circle Pay peer payment product. The report says that one of the reasons is the creation of USDC.
Closing the Circle Pay mobile app
"Circle Pay is a popular social payment application that has grown significantly in recent years in the USA and Europe. But now that we have USD Coin and an open, compatible standard of stable currency through CENTER, it makes sense to move away from the efforts of our first generation Circle Pay and fully focus on the wallet services that will take an even bigger step towards achieving our initial vision of free, open and transparent global payment network." – Circle P2P platform.
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The company said that the demand for a five-year product was in demand, but stable coins were in the spotlight.
To this should be added the creation of a USD (USDC) stablecoin, which, according to them, significantly minimizes the risk of cryptocurrency, so the team believes that "it is now appropriate to abandon Circle Pay".
Circle has announced the discontinuation of its Circle Pay mobile app. Circle Pay users will have time before July 8 to use the application to send or withdraw money, and on July 31 Circle will try to return the remaining funds to the associated bank accounts or customer cards.
Editor: Yulia Krasnaya