Coinbase and Circle announced they have reached a new agreement that Coinbase is taking a minority equity stake in Circle. Meanwhile, Centre Consortium, the governance consortium for $USDC, will be dissolved, and Circle will have full control of the governance and operations of $USDC.
According to their joint statement, the investment "means that Coinbase and Circle will now have even greater strategic and economic alignment on the future of the financial system. Coinbase is committed to the long term success of the stablecoin ecosystem and $USDC, specifically." In addition, Centre Consortium "will no longer exist as a stand-alone entity and Circle will remain as the issuer of $USDC, bringing any Centre governance and operations responsibilities in-house. 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 regulations on governance of reserves and enabling $USDC on new blockchains."
Circle also announced that $USDC will be launching on 6 new blockchains between September and October, bringing multi-chain access of $USDC up to 15 blockchains.
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