• Circle has postponed the release of its DeFi API tool, claiming a lack of regulatory guidelines

  • Circle, a crypto payments infrastructure provider and stablecoin issuer, has postponed the release of its DeFi application programming interface (API), claiming the need for additional regulatory guidance.

    APIs allow organizations to more easily access each other’s systems, and Circle debuted the product in June last year via a blog post shared on Twitter by CEO Jeremy Allaire. He promised “seamless, safe, secure, and regulated infrastructure for accessing and leveraging DeFi loan markets.”

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

    “With the range of services offered through Circle Account, we continue to focus on empowering institutions to send, spend, and secure USDC and unleash new ways of conducting business,” the company stated. “The availability of additional regulatory guidelines, greater compliance tools, and blockchain identity protocols will determine the timeline of the DeFi API product release.”

    A spokesman for Circle did not immediately respond to an inquiry about the specific timing of the altered launch date.

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

    What's your reaction?
    Happy0
    Lol0
    Wow0
    Wtf0
    Sad0
    Angry0
    Rip0