Originally launched as an attractive alternative to traditional fiat business accounts for Internet-based ventures, the latest features for the Circle Business Account appear to take aim at a different kind of competitor: the decentralized finance (DeFi) ecosystem.
Circle, the Goldman Sachs-backed payments company and issuer of the USDC stablecoin, announced their Circle Business Account service on March 10, 2020. The accounts featured a suite of services designed to help businesses leverage USDC, including APIs that could connect to traditional payment rails, accept dollar-denominated payments as USDC, a USDC wallet service, and access multiple e-commerce marketplaces.