On August 21, Coinbase and Circle jointly announced that the USDC stablecoin would be released on 6 more blockchains. With this action, the USD-backed stablecoin’s adoption will rise.
In a recent development, stablecoin management Circle and cryptocurrency exchange Coinbase announced that USDC will launch on 6 more blockchains between September and October of this year. The announcement was made in a blog post on Coinbase’s official website. The post, however, omitted a list of the blockchains that will now support the coin.
With these new additions, the overall number of supported blockchains will rise to 15, and the momentum of USDC among developers around the world will also expand. Additionally, by supporting new blockchains, USDC will be able to serve more companies and applications that utilize the stablecoin.
Coinbase and Circle Dissolves Centre Consortium
On August 21, Coinbase and Circle jointly announced that the USDC stablecoin would be released on 6 more blockchains. With this action, the USD-backed stablecoin’s adoption will rise.
In a recent development, stablecoin management Circle and cryptocurrency exchange Coinbase announced that USDC will launch on 6 more blockchains between September and October of this year. The announcement was made in a blog post on Coinbase’s official website. The article did not specify which blockchains will now support the coi, though.Coinbase and Circle both made the Centre Consortium’s dissolution known in the blog post. Coinbase and Circle created Centre Consortium in 2018 to act as a self-governance consortium for USDC.
The businesses gave an explanation for this action.
Coinbase Takes Equity Stakes in Circle
Moving forward, Coinbase disclosed that as part of a new deal, it will acquire stock holdings in Circle. Both businesses will now have stronger economic alignment based on the expansion and development of the financial system thanks to the investment.
In particular, Coinbase reaffirmed its dedication to USDC’s long-term development as well as the expansion of the stablecoins ecosystem. With the new arrangement, Coinbase and Circle will be able to earn and split profits based on the total quantity of the stablecoin that is kept on each of their respective platforms. Additionally, both businesses will split the interest that results from a greater distribution of USDC.
Moving forward, Coinbase disclosed that as part of a new deal, it will acquire stock holdings in Circle. Both businesses will now have stronger economic alignment based on the expansion and development of the financial system thanks to the investment.
Stablecoins have established themselves as a crucial component of the cryptocurrency industry. It makes it possible for people all around the world to directly access the US dollar and other pegged fiat currencies. Stablecoins are designed to be broadly accessible and clearly backed at a 1:1 ratio with the pegged currency.
After Tether USDT, USDC has become the second-largest stablecoin in the world since its introduction in September 2018.