Why did Circle terminate HandCash USDC accounts?

After a brief hiatus, Bitcoin developer Joshua Henslee was back with another video. In this one, he speculated why stablecoin issuer Circle suddenly terminated its HandCash USDC accounts.

Circle terminated its agreements with HandCash without warning

Henslee recaps what most in the BSV ecosystem know by now: Circle abruptly terminated its agreements with HandCash right before it was supposed to go live. “I don’t know the status of it, but it may not see the light of day at this point,” he says.

The conspiracy against BSV continues

“The other thing Circle did was announce a new cross-chain API that HandCash could have used…I think you have to be crazy to think there’s not a conspiracy theory against it [BSV]. It’s obvious,” Henslee says.

USDC running on BSV would have been ideal, Henslee points out, noting that the fees would be extremely low for USDC users, and it would have been a huge boon for the BSV ecosystem. “The really terrible part about all of this is how long they were working on this and how far they went with it,” he says, pointing out the risk. Lots of time was potentially wasted. “This is how you continue to slow this stuff down-delay, delay, delay. You want to keep the lid on the geyser as long as possible.”

Wrapping up, Henslee reminds us that we can’t rule out the possibility Circle itself may be having issues. Without being specific, he notes that there was some reporting regarding issues with redemption recently, and perhaps that is one reason for the sudden termination of agreements with HandCash.

Key takeaways from this Joshua Henslee video

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