Crypto exchange Coinbase said Monday that it is increasing its support for stablecoins with an investment in Circle.
The companies are also assigning full control of USDC’s issuance and governance to Circle while disbanding Centre Consortium, the organization founded to manage the stablecoin.Stay updated on Pro Crypto Ecosystems news by locking ACS tokens with The Block.No wallet? No problem. You can set one up for free. We recommend Torus for first-time users.As part of an agreement announced in a joint
, Circle will take full control over USDC issuance and governance. The stablecoin will be launching on six new blockchains, the statement also 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," Coinbase CEO Brian Armstrong and Circle CEO Jeremy Allaire said in the statement.
"Coinbase is committed to the long term success of the stablecoin ecosystem and USDC, specifically," they continued, adding that both companies will continue to generate revenue from USDC reserves interest income. "Under the parties’ new arrangement, this revenue will continue to be shared based on the amount of USDC held on each of our platforms, and additionally we will now equally share in interest income generated from the broader distribution and usage of USDC," they said.
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