Circle CEO Dismisses Concerns Over USDC Use in Hormuz Strait Tolls

Circle CEO Jeremy Allaire has addressed concerns surrounding the potential use of USDC for Iran's crypto transit tolls at the Strait of Hormuz.

In a recent press conference in Seoul, Allaire emphasized that Circle operates a highly compliant infrastructure, working closely with law enforcement and sanctions authorities to prevent illicit activities.

He cited public research from the United Nations and forensic firms, which shows that sanctioned actors tend to favor other stablecoins over USDC due to its high risk of asset freezing.