A viral announcement claiming that Circle, the issuer of the USDC stablecoin, had launched a new platform for tokenized gold and silver swaps has been confirmed as fake.
A spokesperson for Circle stated that the announcement was “not real” and that no such platform exists.
What the Fake Announcement Claimed
The fraudulent press release promoted a platform called “CircleMetals,” allegedly allowing users to swap USDC for tokenized precious metals around the clock.
According to the fake materials, users could trade:
- USDC ↔ GLDC (supposed gold-backed token)
- USDC ↔ SILC (supposed silver-backed token)
The release attempted to appear legitimate by copying Circle’s branding and inserting fabricated executive quotes to add credibility.
How the Scam Works
The scam directs users to a website posing as an official Circle product. Visitors are encouraged to:
- Connect their crypto wallets
- Perform token swaps
- Earn rewards for participating
This setup is a classic phishing tactic, designed to trick users into approving malicious transactions that allow attackers to drain wallet funds.
There is no evidence that the GLDC or SILC tokens exist, nor that any regulated institution is involved.
Circle Confirms: Platform Is Not Real
Circle has publicly denied any connection to the fake platform and emphasized that:
- It has not launched a metals trading product
- It has not issued gold or silver tokens
- Any platform asking users to connect wallets under the Circle name should be treated with extreme caution
The company urged users to verify announcements only through official Circle channels.
Why This Matters
Stablecoin issuers like Circle are frequent targets for impersonation because of their trusted reputation. As tokenization narratives grow more popular, scammers are increasingly exploiting interest in real-world assets such as gold and silver.
This incident highlights the importance of:
- Verifying announcements at the source
- Avoiding wallet connections to unverified platforms
- Treating “too good to be true” DeFi launches with skepticism
Bottom Line
There is no Circle-backed gold or silver swap platform.
“CircleMetals” is a scam, and any interaction with it puts user funds at risk.
Users should remain vigilant and double-check any crypto-related announcements before taking action.
