Circle CEO Says Freeze-and-Seize Tools Give Stablecoins an Edge Over Correspondent Banking

Circle CEO Jeremy Allaire says stablecoin infrastructure can freeze and seize assets in ways correspondent banking cannot. The claim lands after a roughly $6.3 billion hack at Binance. Allaire spoke on CNBC’s Squawk on the Street program on Wednesday. Circle (CRCL) relies on Binance, the breached exchange, as a core distribution channel for its USD Coin (USDC) stablecoin. Does the Circle CEO’s Freeze Claim Hold Up? Allaire said Circle’s infrastructure carries regulatory-required tools to freeze and seize assets on blockchain networks. He added that correspondent banking, the web of bank-to-bank accounts that moves money across borders, offers no such option. It was reported that Circle has frozen more than $1.1 billion in USDC since the Oct. 29 attack.

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