Circle Denounces Platform Offering Tokenized Gold and Silver Swaps as 'Fake'

On Christmas Eve, a press release emerged claiming Circle had introduced a platform called 'CircleMetals' for trading tokenized gold and silver. However, a Circle spokesperson confirmed to CoinDesk that the platform and its associated press release are 'fake'. The release, which utilized Circle's branding and included purported quotes from executives like CEO Jeremy Allaire, announced a service allowing for 24/7 swaps between USDC and tokens supposedly representing gold (GLDC) and silver (SILC), allegedly backed by COMEX-linked liquidity. It also prompted users to swap on the platform in exchange for '1.25% in $CIRM rewards', despite the CIRM token not being verifiable on major data aggregators. The website, which has since been taken down, requested users to connect their wallets to enable swaps, a practice considered risky due to potential wallet drainage by malicious actors. CoinDesk found no evidence of the existence of GLDC or SILC tokens or involvement from any legitimate financial institution. Following the discovery, Circle warned users on X to be vigilant and verify the legitimacy of requests, especially those asking to connect wallets. The press release, distributed through crypto-focused PR wires, included links to a swap platform offering rewards for token swaps. Initially posted on a community forum and then shared on other sites, the blog article resembling a press release was eventually taken down after compliance checks by a PR agency and distributors.