Coinbase takes an equity stake in Circle as the firms reconfigure their partnership to bring USDC governance in-house and launch the stablecoin on six new networks.
- Coinbase, the largest cryptocurrency exchange in the U.S., has announced a reconfiguration of its partnership with Circle, the issuer of the stablecoin USD Coin , which will see all governance and operations responsibilities for the stablecoin brought in-house.
“Coinbase and Circle have agreed that with growing regulatory clarity for stablecoins in the U.S. and around the world, the requirement of a separate governance body like Centre is no longer needed,” they said. “Centre will no longer exist as a stand-alone entity and Circle will remain as the issuer of USDC, bringing any Centre governance and operations responsibilities in-house.”
“Support for new chains allows USDC to better serve a growing number of businesses, applications, and developer communities who are choosing USDC as the onchain dollar,” the blog said. “The nature of the investment means that Coinbase and Circle will now have even greater strategic and economic alignment on the future of the financial system,” the blog said. “Coinbase is committed to the long-term success of the stablecoin ecosystem and USDC, specifically.”
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