A press release published on Christmas Eve claimed that Circle, the issuer of the USDC stablecoin, had launched a new platform offering tokenized gold and silver trading.
However, that is “false,” a Circle spokesperson told CoinDesk.
Launched under the name CircleMetals, the platform was promoted through a press release distributed on December 24, a date when many US companies are closed or operating at limited capacity and response times are slower.
The release described a new service that enables 24/7 swaps between USDC and purported gold (GLDC) and silver (SILC) tokens, allegedly backed by COMEX-linked liquidity. Curiously, it prompted users to trade on the platform and receive “1.25% in $CIRM rewards.” CoinDesk was unable to verify the said CIRM token, which does not appear to be listed on major data aggregators.
The website asks users to link their wallets to activate their ability to exchange for the supposed precious metals. It is generally considered a bad idea to connect wallets directly to unverified websites, as malicious actors can then drain users’ wallets.
The publication even used Circle branding and claimed to quote executives, including CEO Jeremy Allaire.
“Confirmed that this is not true,” a spokesperson told CoinDesk when asked.
The press release announcing the product, distributed through a crypto-focused PR wire, includes links to what appears to be an exchange platform that allows users to link their addresses and offers rewards for exchanging the supposed tokenized gold and silver tokens.
The PR firm that originally listed the press release, ChainWire, declined to comment.
While the website remains live, there is no evidence to suggest that GLDC or SILC tokens exist or that any legitimate financial institution is involved.
