Circle Is Closing Its Mobile App, Circle Pay, This September
Circle Pay, an early flagship product for Circle, is being shut down as the company focuses on its USDC stablecoin.
Circle announced Thursday it would be discontinuing its mobile app, Circle Pay.
In a blog post, the company announced a multi-phase wind-down wrapping up on September 30, when remaining funds will be turned over to states or countries, in accordance with local laws. Starting on July 8, only withdrawals will be allowed on the app.
The company says the five-year-old product saw demand, but that stablecoins have proven to be a better focus.
Circle spokesman Josh Hawkins told CoinDesk via email:
The news came on the same day that CENTRE, the consortium created by Circle and Coinbase to advance USDC, began opening itself to new members.
Circle was founded in 2013 with the idea of making payments with cryptocurrency as easy as using apps like Venmo. In 2015, it became the first company to earn New York's controversial BitLicense.
The company released a bitcoin wallet in 2014 that would eventually lay the foundation for what became Circle Pay.
When the app first integrated fiat payments, CEO Jeremy Allaire told Wired in 2015: “If I say I believe in the bitcoin movement and I want to hold bitcoin instead of dollars, but a friend doesn’t necessarily care about bitcoin ... Circle will convert any money that friend sends me to bitcoin.”
In 2017, Circle made withdrawals to debit cards from the Pay app free.
The company has announced cost-cutting measures in recent months, including 30 layoffs in May.
Jeremy Allaire photo via CoinDesk archives
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.