Daily Crypto Briefs 
BOSTON, Dec. 25, 2025
Circle said a press release circulating on Dec. 24 that claimed it launched a “CircleMetals” platform for tokenized gold and silver swaps via USDC was fake. Circle later warned users to verify the legitimacy of links before taking action, especially when asked to connect a wallet, in a post on X.
Circle says the “CircleMetals” USDC gold and silver swap story is fake
A Circle spokesperson called the release “not real”
The press release used Circle branding and claimed to quote executives, including CEO Jeremy Allaire. A Circle spokesperson told CoinDesk the release was “not real.” Circle later said major product announcements will be posted on its official channels and on its website, per the X post.
What the fake press release promised: 24/7 USDC swaps into GLDC and SILC
GLDC and SILC were described as tokenized gold and silver
The release described 24/7 swaps between USDC and purported gold (GLDC) and silver (SILC) tokens, with “COMEX-linked liquidity.” There is no evidence that GLDC or SILC tokens exist or that a legitimate financial firm is involved.
The release prompted users to swap on the platform and receive “1.25% in $CIRM rewards,”. The CIRM token is not verified and it did not appear to be listed on major data aggregators.
Wallet-connect red flags: what to verify before swapping USDC
The scam site asked users to connect wallets to enable swaps, which exposes users to wallet drains through malicious approvals. Takedowns do not guarantee the end of a campaign, since clones can move quickly.
Circle’s warning on X framed the same point in plain terms: verify the legitimacy of requests before connecting a wallet.
If you already connected, review approvals and revoke access
If you interacted with a suspicious site, disconnect your wallet and review token approvals. Tools like Revoke.cash can help you revoke permissions on supported chains.
Stablecoin rails are becoming a core battleground for banks, exchanges, and wallets, which is why we have focused on who controls the onramps in Banks Are Coming for the Stablecoin Market.
For the U.S. policy backdrop that shapes how stablecoin brands manage risk, see CLARITY Act timeline slips to 2026 and our broader guide US Crypto Regulation 2026.
Tokenized gold demand is real, yet bitcoin stays the core crypto store-of-value trade
The fake CircleMetals pitch worked because tokenized commodities already exist on crypto rails. Data showed Paxos Gold (PAXG) with about a $1.6 billion market cap at the time of writing, and Tether Gold (XAUT) at about $2.3 billion.
Market snapshot
Why bitcoin still dominates “digital hard money”
Tokenized gold and silver can let investors move metal exposure using stablecoin settlement, which can pull crypto users into the precious-metals narrative when gold and silver rise.
Bitcoin still sits at the center of the crypto store-of-value thesis because it trades as a native digital bearer asset with a fixed supply schedule. For many crypto investors, that makes bitcoin a stronger long-run hedge than tokenized claims on metal, even when metals are rallying.
Circle’s guidance for readers was simple: verify sources and treat wallet-connect requests tied to breaking product claims as hostile until proven otherwise.
How the “CircleMetals” story spread through PR distributors on Christmas Eve
CoinDesk reported the item first appeared as a post on a community forum that was later deleted, then spread through other websites and distributors. A PR agency called FinaCash approached Chainwire with the story, and Chainwire took it down after additional compliance checks.
Holiday timing slowed verification
The press release was distributed on Dec. 24, a date when many U.S. businesses are closed or operating at limited capacity. That timing can widen the window for a scam to circulate before teams respond with takedowns and public warnings.
What remains unclear and what to watch next
CoinDesk later reported the website promoted by the fake release was taken down. It was not immediately clear who created it or whether any users lost funds.
Watch for follow-up warnings from Circle and for security researchers to publish indicators tied to the scam if copycats reappear.
Primary sources and further reading
| Source | Title |
|---|---|
| | CoinDesk: Circle platform promising tokenized gold, silver swaps is 'fake,' company says |
| | Circle on X: Holiday PSA warning about scammers |
| | Circle: USDC |
Fact-checked by: Daily Crypto Briefs Fact-Check Desk
Frequently Asked Questions
Did Circle launch a tokenized gold and silver swap platform?
No. Circle told CoinDesk the press release promoting “CircleMetals” was not real, and Circle later posted a scam warning on X.
What were GLDC, SILC, and CIRM in the press release?
CoinDesk said the release described “gold (GLDC)” and “silver (SILC)” tokens and promised 1.25% “CIRM” rewards. CoinDesk reported it could not verify that those tokens exist.
What should you do if you connected a wallet to an unverified site?
Disconnect immediately, review token approvals, and revoke permissions. If funds moved, contact your wallet provider and file a report with local law enforcement. This article is not legal advice.