March 10, 2020 Circle releases plan to expand its stablecoin business as part of a broader strategic realignment.

Circle, the North American financial technology services provider has announced that it plans to sell SeedInvest, a crowdfunding business that it acquired in March 2019, and concentrate its efforts on its existing stablecoin products. The new strategy will involve the release of additional APIs and business accounts that enterprises can use to leverage Circle’s USD-pegged USDC stablecoin. The sale of SeedInvest follows other divisions that the company has let go, including the cryptoasset exchange, Poloniex, the payments application, Circle Pay, its brokerage division, Circle Invest and its OTC service, Circle Trade. Jeremy Allaire, Circle’s CEO, explained that SeedInvest was originally meant to complement its trading business. Following the sale of its trading division as well as the reticence from regulators to approve tokenized securities, Allaire says it was time to exit the crowdfunding and tokenization business entirely. Circle, along with Coinbase, is a member of the CENTRE consortium, that governs USDC and Allaire has stated that the body intends to release new stablecoins beyond USDC as well as integrate said assets onto blockchains other than Ethereum.