Circle has announced an update to its USDC cryptocurrency policy, now permitting lawful firearm purchases. This decision follows pressure from the firearm industry and Second Amendment advocacy groups.
According to CoinDesk, Circle, the fintech company behind the US Dollar Coin (USDC) stablecoin, revised its terms of use to allow users to utilize USDC for any lawful purpose, including firearm transactions. The change came after criticism from the firearm industry, which argued that previous terms effectively prohibited legal gun sales. The company said that the update was made to ensure alignment with U.S. law and protect user access to legitimate commerce.
Bloomberg reports that USDC remains one of the world’s most widely used stablecoins, with over $75 billion in circulation across more than 190 countries. The coin is pegged 1-to-1 with the U.S. dollar and operates on multiple blockchain networks such as Ethereum, Solana, and Avalanche. Circle’s updated firearm policy represents a significant move for a company managing such a large share of digital-dollar transactions in global commerce.
Reuters previously reported that financial service providers have faced increasing scrutiny from lawmakers and trade associations over efforts to restrict transactions involving firearms and related goods. The Firearm Industry Trade Association (NSSF) and allied groups have argued that such financial “blacklisting” constitutes discrimination against lawful commerce. Circle’s reversal aligns with broader industry pressure to ensure payment processors and financial platforms maintain neutrality in lawful transactions.
Circle is a Boston-based financial technology company founded in 2013 that issues and manages the US Dollar Coin (USDC), one of the largest regulated stablecoins in the cryptocurrency market. The company provides blockchain-based payment and treasury infrastructure for businesses and institutions globally. Circle’s said mission is to “raise global economic prosperity through the frictionless exchange of value using digital currency.”
