Circle announced the launch of a crypto yield and treasury solution for enterprises and corporate treasury leaders regulated by the Bermuda Monetary Authority (BMA). Under Circle’s Class F (Full) DABA license, which was first granted in 2019, the expansion of BMA oversight to include the newly launched high yield offering represents an important expansion of Circle’s products, as well as of the types of institutional capital formation in Bermuda.
Long home to one of the world’s most important and innovative risk capital markets for the insurance, reinsurance and captive industry, with more than $100 billion in risk capital regulated in Bermuda, Circle is offering a well-regulated alternative yield market for institutional investors and corporate treasurers domiciled in the US and Switzerland.
Under the BMA’s authority, Circle’s high yield solution provides an early access period to institutional investors to leverage yield generating opportunities in a safe, sound and compliant manner in support of high growth digital assets and crypto markets.
During this early access period, Circle Yield will be limited to US or Swiss-based companies and institutional investors and the company will continue working collaboratively with the BMA and the Government of Bermuda to ensure ongoing responsible financial services innovation serving institutional customers from a competitive Bermuda-based regulatory platform.
“With the launch of Circle Yield, together with our recent strategic capital raise, we look forward to building our operations in Bermuda to support substantial corporate treasury demand for crypto assets and yield, while at the same time supporting Circle’s overall market expansion strategy,” said Jeremy Allaire, Circle’s co-founder and CEO, in a statement.
Circle’s platform has supported more than 100 million transactions by more than 10 million retail customers and more than 1,000 businesses. It’s also a principal developer of USD Coin (USDC), which together with Coinbase and the Centre Consortium oversees the standards and protocol for what has become the fastest growing, regulated, fully reserved dollar digital currency. USDC now stands at more than 25 billion and has supported about $700 billion in transactions over the past year.