A press release issued on Christmas Eve announced that Circle, the issuer of the USDC stablecoin, had launched a platform for trading tokenized gold and silver.
However, a Circle spokesperson informed CoinDesk that the information is “fake.”
The platform, named CircleMetals, was promoted via a press release circulated on December 24, a time when many U.S. businesses close or operate at reduced capacity, leading to slower response times.
The release detailed a new service allowing 24/7 swaps between USDC and alleged gold (GLDC) and silver (SILC) tokens, which are purportedly backed by COMEX-linked liquidity. Strangely, it encouraged users to swap on the platform and earn “1.25% in $CIRM rewards.” CoinDesk was unable to verify the existence of the CIRM token, which does not seem to be listed on major data aggregators.
The website prompts users to connect their wallets to facilitate swaps for the supposed precious metals tokens. It’s widely regarded as risky to connect wallets directly to unverified websites, which could expose users to wallet draining by malicious actors.
The release even utilized Circle branding and allegedly quoted executives, including CEO Jeremy Allaire.
“Confirmed this is not real,” a spokesperson stated to CoinDesk upon inquiry.
The press release regarding the product, shared through a crypto-focused PR wire, includes links to what seems to be a swap platform that permits users to connect their addresses and offers rewards for exchanging the supposed tokenized gold and silver tokens.
The PR firm that originally circulated the press release, ChainWire, chose not to comment.
While the website remains active, there is no evidence supporting the existence of GLDC or SILC tokens or any involvement from a legitimate financial institution.
