Circle CEO Says USDC Is Not Being Used For Strait Of Hormuz Payments

CryptoProwl

Mon, April 13, 2026 astatine 9:23 AM CDT 1 min read

Circle Internet Group (NYSE: $CRCL) CEO Jeremy Allaire is denying reports that the USDC (CRYPTO: $USDC) stablecoin is being utilized for transit fees successful the Strait of Hormuz. 

Speaking astatine a league successful South Korea, Allaire said it is “extremely unlikely” that the USDC stablecoin is being utilized arsenic outgo for harmless transition done the Strait of Hormuz. 

Allaire emphasized that Circle operates with strict regulatory compliance standards and works intimately with planetary authorities. 

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He stressed that this makes it improbable that a stablecoin specified arsenic USDC would beryllium preferred successful transactions that transportation sanctions usurpation risks. 

According to the CEO, individuals, governments, and organizations similar to usage little regulated cryptocurrencies alternatively than stablecoins for arguable transactions.

Allaire besides pointed retired that owed to USDC’s method structure, assets astatine circumstantial addresses tin beryllium frozen quickly. He said this makes USDC adjacent much unattractive for countries specified arsenic Iran.

The comments from Allaire travel aft media reports suggested that Iran mightiness request Bitcoin (CRYPTO: $BTC) oregon stablecoins specified arsenic USDC arsenic transit fees from ships passing done the Strait of Hormuz, wherever 20% of the world’s crude lipid typically flows. 

Allaire emphasized that the USDC stablecoin is positioned for regulated fiscal transactions.

Stablecoins are cryptocurrencies whose worth is pegged to different asset, typically the U.S. dollar oregon terms of gold. Stablecoins are playing a bigger relation successful planetary finance. 

CRCL banal has risen 7% successful the past 12 months to commercialized astatine $89.24 U.S. per share.