BREAKING: Coinbase Acquires Stake In Circle As Centre Consortium Fades Away

2023-8-22 00:17

In a significant development for USD Coin (USDC), Coinbase and Circle, the two companies behind the stablecoin, have reached a new agreement that brings changes to its governance and funding. 

This move comes at a crucial juncture as USDC faces evolving global regulatory challenges and intensifying competition from other stablecoins, including Tether and the recently announced PayPal stablecoin (PYUSD). 

According to a Fortune Magazine report, the updated agreement involves Coinbase acquiring an equity stake in Circle for the first time and the closure of the Centre Consortium, which previously governed USDC.

Coinbase And Circle Revamp Governance For USDC

Under the previous revenue-sharing arrangement, Coinbase and Circle split revenue based on the amount of USDC distributed and held on each platform. 

However, per the report, with the new agreement, revenue will still be divided according to the USDC held on each platform, but interest income from off-platform USDC, such as in Decentralized Finance (DeFi) wallets, will be equally shared. 

This shift aims to prioritize the overall success of USDC rather than focusing solely on the originator of the minted tokens.

Circle CEO Jeremy Allaire expressed satisfaction with the revised arrangement, emphasizing its fairness and creating a solid alignment for long-term success. 

While specific figures regarding Coinbase’s equity investment were not disclosed, Allaire referred to it as a “small, minority equity stake.”

Moving forward, Coinbase and Circle will focus on driving USDC’s growth. Challenges have emerged, such as the temporary loss of USDC’s $1 peg when $3.3 billion of its reserves were trapped in a failing bank. 

While the stablecoin recovered after government intervention, its market share declined, with Tether gaining prominence. Currently, USDC’s market cap stands at approximately $26 billion, while Tether’s market cap nears $83 billion.

As USDC navigates the evolving stablecoin landscape, the revamped governance and funding structure driven by Coinbase and Circle seeks to bolster its adoption and retain its position as a leading stablecoin option in the market.

Featured image from iStock, chart from TradingView.com

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circle coinbase usdc evolving faces global juncture

Источник: bitcoinist.com

circle coinbase → Результатов: 126


Circle Lists Basic Attention Token (BAT) Just Days After Coinbase

Following Coinbase Listing, Basic Attention Token (BAT) Gains Traction On Circle Circle Invest, Boston-based Circle’s crypto asset-centric platform, has just revealed that it will be adding Basic Attention Token (BAT), the Brave Browser’s altcoin of choice, to its so-called “Invest” platform, which, in many respects, is similar to Coinbase Consumer (Coinbase.

2018-11-12 04:04


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Coinbase Introduces Circle’s Center Stablecoin on Exchange, Critics Cry Foul

Cryptocurrency giants Coinbase and Circle recently announced on October 23, 2018, the addition of the Center (USDC) stablecoin on the former’s exchange. According to the Coinbase blog, it is the first time the cryptocurrency exchange has supported a stablecoin which it believes is fundamentally different from any existing stablecoins in the market.

2018-10-24 18:00


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Circle & Coinbase Partner Up For a Better Stablecoin, But There’s a Catch

Circle and Coinbase, two of the largest and most popular cryptocurrency companies, are partnering to improve the stablecoin concept, but there’s a catch.   The CENTRE Consortium for a Better Stablecoin On Tuesday, both companies announced the CENTRE Consortium, a joint venture that aims to speed up adoption of cryptocurrencies backed by actual fiat currencies like US dollars.

2018-10-24 12:00


Монета компании Circle стала первым стейблкоином на Coinbase

Криптовалютная биржа Coinbase 23 октября объявила о поддержке на своей площадке первого стейблкоина. Им стал USD Coin (USDC) от компании Circle. Биржа сообщила в блоге, что американские клиенты за пределами штата Нью-Йорк теперь могут покупать, продавать, отправлять и получать USDC, о за...

2018-10-24 08:42


Regulators Approve Coinbase to Offer Custody Services in New York State

Coinbase has secured approval from New York state regulators to act “as a limited purpose trust company” in the state, a press release reveals. According to the release, the New York Department of Financial Services (DFS) has officially signed off on an application for the Coinbase Custody Trust Company, a subsidiary of Coinbase Global, Inc.

2018-10-24 00:55


Фото:

Coinbase And Circle Form A Joint Venture To Boost Circle’s Stablecoin

They may have been fierce competitors in the past, but Coinbase and Circle have now come together to boost Circle’s USDC stablecoin. Known as the CENTRE Consortium, the joint venture between the two industry giants aims to take the lead in the stablecoin market by ‘establishing the standards required and building the technology needed for […] The post Coinbase And Circle Form A Joint Venture To Boost Circle’s Stablecoin appeared first on NullTX.

2018-10-24 23:53


Coinbase анонсировала поддержку стейблкоина USDC

Американская криптовалютная компания Coinbase объявила о добавлении поддержки стейблкоина USD Coin (USDC), выпущенного платёжной компанией Circle в прошлом месяце. Начиная с сегодняшнего дня клиенты Coinbase в обслуживаемых юрисдикциях могут покупать, продавать, отправлять и принимать USDC через Coinbase.

2018-10-24 21:30


Фото:

Coinbase добавила поддержку стейблкоина USDC

Американская криптовалютная компания Coinbase добавила поддержку стейблкоина USDC от биткоин-стартапа Circle на платформе Coinbase.com и в мобильных приложения для iOS и Android.

2018-10-24 21:29


Coinbase добавила поддержку стейблкоина USDC

Американская криптовалютная компания Coinbase добавила поддержку стейблкоина USDC от биткоин-стартапа Circle на платформе Coinbase. com и в мобильных приложения для iOS и Android. Coinbase is launching support for the USDC stablecoin.

2018-10-23 20:16


CryptoTrading Technologies Unveils Voyager Institutional For Investors to Rival Coinbase and Circle

CryptoTrading Unveils Voyager Institutional As Glenn Barber Is Appointed As Chief Investment Officer CryptoTrading Technologies, LLC launched a new institutional service, Voyager Institutional, this Thursday to enhance traders’ interest towards crypto exposure on over the counter (OTC) trading markets.

2018-9-15 06:18


Фото:

KYC-Friendly Companies Establish ‘Blockchain Association’ Lobbying Group in DC

High-profile cryptocurrency companies and tech veterans are joining forces to form the Blockchain Association — the very first DC-based lobbying group. Fully-Fledged Lobbying Group Prominent cryptocurrency companies such as Coinbase, Circle, Protocol Labs, as well as investors in the field like Digital Currency Group, Polychain Capital, and others, are among the founding members of Blockchain Association, Washington Post reports.

2018-9-13 17:00


Фото:

Lobbying Group in Washington Opens Doors to Represent the Crypto Community

High-profile cryptocurrency companies and well-known technology entrepreneurs announced on September 11, 2018, that they will form a lobbying group in Washington called the Blockchain Association. According to the Washington Post, the Blockchain Association is designed to represent investors and entrepreneurs who are building and supporting blockchain technology.

2018-9-13 01:00


Фото:

В США появится Ассоциация блокчейн для лоббирования интересов криптоиндустрии

В США будет создана Ассоциация блокчейн. В числе учредителей криптовалютные компании Coinbase и Circle, технологический стартап Protocol Labs, а также инвесторы Digital Currency Group и Polychain Capital.

2018-9-12 14:52


Фото:

Wirex стал третьей компанией, получившей лицензию E-money от FCA

Международная компания Wirex объявила о получении лицензии E-money №902025 от FCA, регулятора финансового рынка Великобритании. В мире насчитывается всего три компании из сектора блокчейна и криптовалют, которые обладают этим разрешением.

2018-8-23 13:58


Wirex получила третью по счету лицензию на предоставление услуг в Великобритании и Европе

Криптовалютная платформа Wirex стала третьей по счету компанией, получившей от Управления по финансовому регулированию и надзору Великобритании (FCA) лицензию на осуществление операций с электронными деньгами (E-money).

2018-8-22 13:48


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