Circle Exposes Fake Platform Offering Tokenized Precious Metals

On Christmas Eve, a press release announced the launch of CircleMetals, a platform supposedly offering 24/7 swaps between USDC and tokenized gold and silver, backed by COMEX-linked liquidity. However, a Circle spokesperson confirmed the release was not genuine. The platform, which prompted users to connect their wallets to swap for the tokens and receive rewards in a mysterious CIRM token, has since been taken down. The release used Circle branding and quoted executives, including CEO Jeremy Allaire, but CoinDesk found no evidence of the GLDC or SILC tokens' existence or involvement from legitimate financial institutions. Circle has warned users to be vigilant and verify the legitimacy of requests, especially when connecting wallets to unverified websites.