Coinbase and Circle Partner to Expand USDC to Six New Blockchains

Crypto exchange Coinbase announced on Monday that it is investing in Circle, the company that issues the USDC stablecoin. 

As part of the deal, Coinbase will take an equity stake in Circle. The two companies will work together to expand USDC to six new blockchains. Coinbase and Circle will also continue to share revenue from USDC interest income. The investment is a sign of Coinbase’s commitment to the stablecoin ecosystem and USDC in particular. USDC is the second-largest stablecoin by market capitalization. And it is backed by U.S. dollars held in reserve. The expansion of USDC to six new blockchains will make it more accessible to users on a wider range of platforms.

The investment from Coinbase comes at a time when the stablecoin market is facing increased scrutiny from regulators. However, Coinbase and Circle believe that USDC is a safe and reliable stablecoin, and they are committed to working with regulators to ensure that it remains compliant with applicable laws and regulations. The investment from Coinbase is a major boost for Circle and USDC. It shows that one of the largest crypto exchanges in the world believes in the future of stablecoins and is committed to supporting their growth.

Clever Robot News Desk 22^th August 2023