News - USDC planned on six additional blockchains

By Mike Hesp

USDC planned on six additional blockchains

Stablecoin

Brian Armstrong and Jeremy Allaire are ushering in a new chapter for USDC. The crypto exchange and stablecoin publisher are strengthening their partnership.

Coinbase is increasing its investment in Circle, issuer of the second-largest stablecoin USDC. The crypto exchange announced this in a blog post on Aug. 21.

A concrete investment amount is not yet known. However, the "acquisition of an equity interest" is a foregone conclusion.

The companies are also dissolving the Centre Consortium. This organization was involved in the administration of USDC.

Because of "increasing regulatory clarity for stablecoins in the US," the consortium is no longer needed in this form. Circle will then take full control of the issuance and governance of USDC.

In addition, stablecoin will be launched on six new blockchains "between September and October."

In the statement, the companies' CEOs Brian Armstrong (Coinbase) and Jeremy Allaire (Circle) announced a "new chapter" for stablecoin. The companies will use the interest income generated by Stablecoin divide, the announcement said.

"Under the parties' new agreement, this revenue will continue to be shared based on the amount of USDC held on each of our platforms, and in addition, we will now share equally in the interest income generated from the continued distribution and use of USDC," the two CEOs said.

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