The Information: Stablecoin issuer Circle business may be affected by the Federal Reserve's interest rate cut

According to The Information, a rate hike by the Federal Reserve could be a boon for stablecoin issuer Circle, but a rate cut could have an impact on it. With the looming threat of a rate cut by the Federal Reserve and the timing of the planned initial public offering yet to be determined, Circle is looking for ways to expand its business. Circle's revenue mainly comes from interest income from tens of billions of dollars in cash, U.S. Treasury bonds and other assets backing its popular USDC stablecoin, and Circle CEO Jeremy Allaire said in an interview that the fee-based business of selling blockchain wallet services and other crypto infrastructure to developers and other companies could become a more important source of revenue.