Fiat currency to cryptocurrency conversion and payments provider, Circle, is shutting down its Circle Pay app.
Circle said it is focusing on its USD Coin digital currency it has just created in partnership with America’s largest exchange, Coinbase.
The new USDC is working on the CENTRE network that will enable stable coin to be used for payments be on a global scale.
Circle spokesman Josh Hawkins told CoinDesk that:
“Circle Pay is a popular social payment app that has seen significant organic growth over the years across the U.S. and Europe. But now that we have USD Coin and an open, interoperable stablecoin standard through CENTRE, it makes sense to sunset our first-generation effort and transition full focus to wallet services that take a bigger step toward reaching our original vision for a free, open and transparent global payments network.”