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Search results for Jeremy Allaire

Crypto

X Money\'s key perk of 6 percent annual interest hit as New York rate drops to 0 percent from October

X Money, a payments service launched by Elon Musk\'s X, will no longer be able to pay interest on stored balances in New York after the state financial regulator set the yield on New York customer accounts at 0.00 percent from Oct. 1. The change removes a benefit X promoted during its U.S. rollout, including a 6 percent annual yield for Premium Plus subscribers, and highlights how state-by-state licensing affects service terms.

Crypto

Circle to launch Arc mainnet on Sept. 16 with 11 founding validators including Visa and BlackRock

Circle will open the public mainnet of its own blockchain, Arc, on Sept. 16. It named 11 institutions including Visa, Mastercard and BlackRock as founding validators. Circle said more than 100 developers are involved under a private mainnet, and the testnet processed over 500 million transactions across about 3 million wallets. It also reported second-quarter revenue of $701 million and net income of $48 million.

Crypto

Circle subsidiary wins New York limited purpose trust charter

Circle subsidiary Circle Internet Trust Company LLC has received a limited purpose trust charter from the New York State Department of Financial Services. The charter allows the unit to exercise trustee powers and provide custody services under New York banking law, Cointelegraph reported. The license does not allow deposit-taking or lending like a traditional bank, but permits trustee work and other services. Circle CEO Jeremy Allaire called it a long-held goal.