Circle CEO Clarifies USDC Policy in Seoul Partnerships

In Seoul, South Korea, Circle CEO Jeremy Allaire announced during a press conference on April 13 that the company will not freeze USDC stablecoin holdings without direction from law enforcement or courts, addressing criticism over its response to recent cryptocurrency exploits. Allaire's visit, which included meetings with major banks and exchanges, also highlighted new partnerships aimed at expanding USDC adoption in one of Asia's most active digital asset markets.

Allaire responded to questions about the $285 million Drift Protocol hack earlier this month, where attackers bridged over $230 million in stolen USDC from the Solana network to Ethereum. Circle took no action to freeze the funds during the six-hour window, drawing rebuke from on-chain analysts who argued the delay allowed hackers to launder proceeds. "Circle has a very, very clear performance obligation under the law," Allaire said. "We are able to undertake actions such as freezing a wallet at the direction of law enforcement or the courts." He described unilateral decisions by private firms as a "very significant moral quandary" and noted that Circle has frozen only 122 addresses in 2026, mostly following legal...