Circle platform promising tokenized gold, silver swaps is 'fake,' company says

Circle platform promising tokenized gold, silver swaps is 'fake,' company says The release, distributed on Christmas Eve, used Circle branding and claimed to quote executives, but a Circle spokesperson said it was "not real." What to know: A fake press release claimed that Circle, the issuer of USDC, had launched a new platform called CircleMetals, offering tokenized gold and silver trading. The release, distributed on Christmas Eve, used Circle branding and quoted executives, but was later confirmed to be fake by the company. The fake platform, which remains live, appears to be a scam, with links to a swap platform and promises of rewards, but there is no evidence to suggest that the tokenized gold and silver tokens actually exist. 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. A screenshot of the CircleMetals wallet connection pop-up. (Francisco Rodrigues/CoinDesk) However, it is "fake," a Circle spokesperson told CoinDesk. 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." CoinDesk couldn't verify the said CIRM token, which 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 spokesperson told CoinDesk when asked. The press release announcing the product, distributed via a crypto-focused PR wire, 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. The PR firm that originally listed the press release, ChainWire, declined to comment. 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. Más para ti State of the Blockchain 2025 L1 tokens broadly underperformed in 2025 despite a backdrop of regulatory and institutional wins. Explore the key trends defining ten major blockchains below. Lo que debes saber: 2025 was defined by a stark divergence: structural progress collided with stagnant price action. Institutional milestones were reached and TVL increased across most major ecosystems, yet the majority of large-cap Layer-1 tokens finished the year with negative or flat returns. This report analyzes the structural decoupling between network usage and token performance. We examine 10 major blockchain ecosystems, exploring protocol...

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