Coinbase has invested in Circle, the company behind USDC, a stablecoin. The USDC Center Consortium will be dissolving, with Circle taking over the responsibility of USDC’s smart contract keys, issuance, operations, and compliance. Circle plans to expand USDC to 6 new blockchains between September and October, bringing the number of USDC-supported chains to fifteen.The news comes a week after Tether announced that it would stop supporting USDT on three chains, including Bitcoin’s OmniLayer. Regulatory clarity for stablecoins has been improving worldwide, with Japan introducing stablecoin regulations and the UK approving the Markets Act 2023, which classified stablecoins as a regulated financial activity.The amount of Coinbase’s investment in Circle was not disclosed. The price of COIN shares has dropped over 1% in the last 24 hours, and USDC market capitalization has declined by over 40% since the beginning of the year.
| Information |
Details |
| Geography |
Global |
| Countries |
🇺🇸 🇯🇵 🇬🇧 |
| Sentiment |
neutral |
| Relevance Score |
8 |
| People |
Jeremy Allaire, Circle CEO |
| Currencies |
USDC, Bitcoin, Ethereum, Circle, Coinbase |
| Securities |
None |
