25 August 2023

Coinbase takes stake in stablecoin firm Circle

Written By FinTech Alliance

Coinbase takes stake in stablecoin firm Circle

Cryptocurrency exchange Coinbase is taking a stake in Circle, the issuer of the USDC stablecoin, signifying a closer relationship between the two crypto heavyweights.

In brief:

-The two companies also said they will close down the Centre Consortium, a private governance organization for USDC.

-Circle set up the Consortium in 2018 to help guide policy thinking around stablecoins.
-Stablecoins have come under greater scrutiny from regulators over the past year following the collapse of terraUSD

What does this mean?

Circle said that, as well as bringing in Coinbase as an investor and shutting down the Centre Consortium, the company plans to launch USDC on six new blockchains between September and October.

Read more here.

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