PANews reported on May 30th that on-chain analyst ZachXBT stated that, after investigation, stablecoin issuer Circle has blacklisted the cUSDC contract on Ethereum for its privacy protocol Zama. On May 11, 2026, an address associated with Overnight Finance deposited approximately $12.4 million worth of USDC into Zama. It is understood that Overnight Finance was previously embroiled in allegations of embezzlement and even initiated a governance vote on treasury fund allocation on Snapshot.