According to Coinbase’s post on August 22, the cryptocurrency exchange and the issuer of USDC Circle have reached a strategic agreement to “unlock additional utilities and grow the USDC ecosystem.”
Coinbase reportedly invested in Circle Internet Financial, the firm behind the second-largest stablecoin. While the exact value of the deal remains undisclosed, this partnership promises to reshape the landscape of stablecoins and how they are managed.
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Center Consortium, a member-based consortium founded by Coinbase and Circle handling governance and issuance of USDC, will be dissolved as part of the agreement. With this dissolution, Circle is now in complete control over the supply, issuance, and management of USDC.
To wit,
“The new structure will streamline the operations and governance, and enhance the direct accountability of Circle as the issuer, including holding all the smart contract keys, complying with…
