Circle Sparks Crypto Twitter Backlash After Welcoming DJ Khaled to 'Team USDC'

Circle, issuer of the USDC stablecoin, drew heavy criticism on crypto social media Monday after its X account posted a photo of rapper DJ Khaled in a Chelsea jersey bearing "USDC by Circle," captioned "Another one." CEO Jeremy Allaire amplified it about four hours later, welcoming Khaled to "team USDC." Neither post announced a sponsorship, ambassador role, or payment. Circle is Chelsea's front-of-shirt sponsor, and Khaled's appearance traces to Chelsea's May Roc Nation announcement. Critics cited Khaled's 2017 promotion of the fraudulent Centra ICO. The SEC said Centra paid him $50,000 for an undisclosed Instagram post touting its CTR token; Khaled paid over $150,000 in fines. Centra raised more than $25 million; co-founder Robert Farkas pleaded guilty, and Sohrab Sharma received eight years and forfeited $36 million. Khaled was not charged with fraud, and his two-year SEC ban on paid securities promotion expired Nov. 29, 2020.