Coinbase and Circle are planning to expand the coin in more jurisdictions, expand to new chains and strike further institutional deals.
for the quarter. That's an increase from $32.5 million in Q2 2022. It's no surprise that Coinbase and Circle decided against expanding CENTRE given those juicy numbers. Under the terms of the new agreement, the firms will split revenue based on the amount of USDC minted or distributed, asby Fortune.
As for the timing of this deal, it is curious. Obviously, PayPal's news seems relevant but I am not 100% convinced that Circle views them as a big competitor. To be clear, PayPal has had limited success with their Venmo crypto offering. In any case, USDC is losing traction, so a change needed to be made to return to former glory. The firms are planning to expand the coin in more jurisdictions, expand to new chains, and strike further institutional deals.© 2023 The Block Crypto, Inc.
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