As part of the deal, Circle will gain full control over the issuance and management of USDC, having previously only been an issuer of the stablecoin. The company is launching USDC on six new blockchains in the near future. This will bring the total number of supported blockchains to 15.
The value of the deal was not disclosed, and the size of Coinbase’s stake also remains unknown.
According to the official statement, the companies will continue to receive income from the interest rates of USDC reserves. Under the new agreement, the income will continue to be distributed based on the amount of USDC held on each platform. Interest income earned from the increased distribution and use of USDC will be shared equally.
This partnership will strengthen USDC’s market position in the near future.