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Circle defeats Tether-backed Heka Funds’ $49M USDC arbitration claim
Jul 15, 2026
< 1 min read
by Hannah Collymore
for CryptoPolitan
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An arbitrator rejected a $49 million damages claim by Heka Funds, a Malta-based trading firm tied to Tether, over Circle’s decision to block it from redeeming USDC. Filings made public in a Boston federal court on Tuesday show Circle moved to confirm the private arbitration award, a legal win that supports USDC issuer enforcement and may reduce counterparty risk for the stablecoin in crypto markets.
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An arbitrator has rejected a $49 million damages claim brought by Heka Funds, a Malta-based trading firm financially tied to Tether, over Circle’s decision to ban it from redeeming USDC. The filings became public in a Boston federal court on Tuesday, after Circle moved to confirm the private arbitration award. What did Circle accuse Heka...
