A fraudulent press release circulating during the Christmas holiday falsely claimed that Circle had launched a new platform offering tokenized gold and silver trading, prompting the company to issue a public denial. The release, distributed on December 24, used Circle branding and referenced a supposed product called CircleMetals, presenting it as a service enabling round the clock swaps between USDC and digital representations of precious metals. According to Circle, the announcement was not legitimate and did not originate from the company or any affiliated entity. The timing of the release coincided with reduced business activity across the United States, a period often exploited by malicious actors seeking to limit rapid verification. Circle confirmed that neither the platform nor the tokens referenced in the release were authorized or real, reinforcing concerns about impersonation risks as stablecoin issuers become more prominent within digital finance and tokenization narratives.
The fake platform claimed to facilitate swaps between USDC and purported gold and silver tokens labeled GLDC and SILC, while also advertising rewards tied to an unfamiliar token. No evidence was found to suggest these assets existed or that any recognized financial institution was involved in their issuance or custody. The website associated with the announcement encouraged users to connect their wallets to initiate swaps, a tactic commonly used in wallet-draining schemes. Shortly after scrutiny increased, the site was taken offline. The incident highlights how narratives around tokenized real world assets are increasingly being leveraged by bad actors as interest in onchain representations of commodities grows. As legitimate financial institutions explore tokenization frameworks, the surface area for scams has expanded, particularly when trusted brand identities are misused to lend credibility to fraudulent offerings.
Circle later warned users to remain vigilant and verify the authenticity of any platform claiming association with the company, especially when prompted to connect wallets or authorize transactions. The fake release went so far as to attribute quotes to Circle executives, including CEO Jeremy Allaire, further illustrating the level of detail employed to mimic official communications. Distribution channels linked to the announcement have since removed the content after compliance reviews, underscoring the challenges facing content distributors in filtering sophisticated impersonation attempts. The episode serves as a reminder that while stablecoins and tokenized assets are increasingly integrated into mainstream financial discussions, the surrounding ecosystem remains vulnerable to misuse. For users, distinguishing between legitimate infrastructure developments and fabricated announcements remains a critical task as digital asset markets mature.
