US cryptocurrency exchange Coinbase has just acquired a minority stake in Circle Internet Financial as part of its "increasing support for stablecoins."
Under the terms of the agreement, the Center consortium, managed by both companies, will be abolished. From now on, the issuance of the stablecoin USDC will be carried out solely by Circle.
In addition, the asset will be launched on six new blockchains in September-October. As a result, their total number will reach 15.
Although the company has made no mention of specific protocols, it has previously been reported the stablecoin could be launched on Polkadot, Near, Optimism and Cosmos.
Coinbase CEO Brian Armstrong and Circle CEO Jeremy Allaire have said:
"The nature of the investment means that Coinbase and Circle will now have even greater strategic and economic alignment on the future of the financial system."
Both companies will receive the same percentage of revenue from USDC reserves.