Circle CEO dismisses use of USDC for Hormuz Strait tolls

Circle (CRCL) CEO Jeremy Allaire has stated that the possibility of USDC being used for toll payments in the Strait of Hormuz is extremely low. At a press conference in Seoul, Allaire explained that Circle operates a highly stringent regulatory compliance infrastructure and works in close cooperation with authorities, BeInCrypto reported. He dismissed the idea, noting that sanctioned individuals tend to prefer other stablecoins and are highly unlikely to use an asset like USDC, which can be frozen immediately. The comments follow a previous Financial Times report that Iran was demanding ships passing through the strait pay tolls in Bitcoin or Chinese yuan.