USDC Stablecoin and Base Blockchain Execute First Digital Debt Instrument
The Coinbase-incubated Ethereum Layer 2 blockchain, Base, has executed its first digital debt instrument using the USDC stablecoin. This demonstration was conducted for the UAE’s Financial Services Regulatory Authority as part of the preparation to enter the Abu Dhabi Global Market RegLab. The ADGM RegLab provides a controlled environment for FinTech participants to develop and test innovative solutions.
Coinbase believes that only a small fraction of global assets are currently represented on blockchain infrastructure, indicating significant potential for efficiency gains. Project Diamond aims to bridge this gap by facilitating near-instant settlement speed for digital transactions denominated in USDC on Base.
SEAM Listed on Coinbase Exchange
Yesterday, Coinbase listed SEAM, the governance token of Seamless Protocol, a decentralized lending and borrowing platform, on its exchange. SEAM is based on the Base blockchain.
Coinbase Enables Money Transfers via Social Media Platforms
Last week, Coinbase introduced a feature that allows users to send money transfers via links on popular social media platforms such as WhatsApp, TikTok, and Instagram using Coinbase Wallet.
Hot Take: Bridging the Gap Between Traditional Finance and Blockchain
Coinbase’s Project Diamond, executed on the Base blockchain with USDC stablecoin, demonstrates the potential for bridging the gap between traditional finance and blockchain technology. By enabling near-instant settlement and efficient digital transactions, this project paves the way for increased adoption of blockchain infrastructure in the global financial system. With initiatives like listing SEAM token and introducing money transfers via social media platforms, Coinbase continues to drive innovation in the cryptocurrency industry. As more assets are represented on blockchain networks, we can expect significant efficiency gains and transformative changes in traditional financial processes.
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