Circle Platform Promising Tokenized Gold and Silver Swaps is 'Fake,' Company Confirms

2025-12-24 20:22:32

Source: CryptoNewsNet Original Title: Circle platform promising tokenized gold, silver swaps is ‘fake,’ company says Original Link: A press release published on Christmas Eve claimed that Circle, the issuer of the USDC stablecoin, had launched a new platform offering tokenized gold and silver trading.

However, it is “fake,” a Circle spokesperson confirmed.

The platform, launched under the name CircleMetals, was promoted through a press release distributed on Dec. 24, a date when many U.S. businesses are closed or operating at limited capacity, and response times are slower.

The release described a new service enabling 24/7 swaps between USDC and purported gold (GLDC) and silver (SILC) tokens, supposedly backed by COMEX-linked liquidity. Oddly, it prompted users to swap on the platform and receive “1.25% in $CIRM rewards.” The CIRM token couldn’t be verified and doesn’t appear to be listed on major data aggregators.

The website asks users to connect their wallets to enable their ability to swap for the supposed precious metals tokens. It is generally considered a bad idea to connect wallets directly to unverified websites, as malicious actors can then drain user wallets.

The release even used Circle branding and claimed to quote executives, including CEO Jeremy Allaire.

“Confirmed this is not real,” a Circle spokesperson stated.

The press release was distributed via a crypto-focused PR wire and includes links to what appears to be a swap platform that allows users to connect their addresses and offers rewards for swaps of the supposed tokenized gold and silver tokens.

While the website remains live, there is no evidence to suggest that GLDC or SILC tokens exist or that any legitimate financial institution is involved.

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