Beware of Fraud: Circle Denounces Platform Offering Tokenized Gold and Silver Swaps as ‘Fake
Unveiling the Truth Behind the alleged CircleMetals trading Platform
A Dubious Declaration on Tokenized Precious Metals Trading
On December 24, 2025, amidst the quiet of Christmas Eve when many businesses wind down for the holiday season, a press release surfaced claiming that Circle, known for its USDC stablecoin, had introduced a new trading platform named “circlemetals.” This platform allegedly offered users the ability to trade tokenized gold and silver. However, this announcement was quickly debunked as fraudulent by a spokesperson from Circle.
The Details of the Deceptive Claim
The press release detailed an innovative service that purportedly allowed around-the-clock swaps between USDC and newly introduced gold (GLDC) and silver (SILC) tokens. These tokens were said to be backed by liquidity linked to COMEX. Intriguingly, it also enticed users with a reward of “1.25% in $CIRM rewards” for transactions performed on this platform—a token which remains unlisted and unverified across major financial data platforms.
Red Flags and Rapid Response
The legitimacy of GLDC and SILC tokens could not be confirmed through any reputable financial institution or data aggregator. Moreover,potential users were prompted to connect their digital wallets directly to enable transactions—a common red flag as it exposes users to significant security risks including potential theft by malicious entities.
Despite using official Circle branding and falsely quoting top executives like CEO Jeremy Allaire in its promotion, authenticity quickly crumbled under scrutiny. The website associated with CircleMetals vanished shortly after these revelations came to light.
Official Reactions and Warnings Against Scams
Following investigative reporting into this matter—initially brought into question by discrepancies noted during distribution—the truth about the non-existent platform was affirmed by official sources at Circle. They took proactive steps to alert their community through various channels including social media platforms like X (formerly Twitter), emphasizing vigilance against such deceptive tactics.
Circle’s swift response highlighted an essential reminder: always verify the legitimacy of any financial transaction or trading request before proceeding—especially those involving direct connections with digital wallets or personal financial accounts.
Broader Implications for Digital Asset Security
This incident serves as a stark reminder about the vulnerabilities within digital asset markets where high-tech scams can surface rapidly especially during periods when vigilance might be lower such as holidays.It underscores ongoing challenges within crypto spaces regarding security measures against increasingly sophisticated scam strategies targeting unsuspecting users.
