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.Crypto exchange Coinbase said Monday that it is increasing its support for stablecoins by"taking an equity stake" in Circle.
"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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