Coinbase Restructures and Secures Equity Stake in Circle
Coinbase Global has announced a significant restructuring plan that includes securing an equity stake in Circle, as well as dissolving their partnership in managing the Centre Consortium responsible for USD Coin (USDC). This move comes as Coinbase expands USDC to new blockchains.
Main Key Points:
– Coinbase is increasing its exposure in the stablecoin sector by investing in Circle.
– The Centre Consortium will no longer exist as a separate entity, and Circle will take full control over USDC issuance and governance.
– USDC will be launched on six more blockchains, expanding its availability to 15 different chains.
– Coinbase will continue to support USDC on its platforms without any changes.
– USDC is the second largest stablecoin by market cap, standing at around $26 billion.
Closing Thoughts
Coinbase’s restructuring and equity stake in Circle show their commitment to the future of the financial system. By expanding USDC to new blockchains, they aim to increase accessibility and maintain their commercial relationship with Circle. It will be interesting to see how this development impacts the stablecoin market and if other exchanges follow suit in securing partnerships and expanding their offerings.
By
By
By
By
By
By