Coinbase has been in the headlines for the past few months owing to the changing market and its tiff with the Securities and Exchange Commission (SEC)
The exchange said that USDC would also be launching on six new blockchains, although the chains are yet to be named.
This partnership could serve as a revival for USDC, which lost a huge chunk of the market share following the banking crisis in the US, bringing its circulation down to $26 billion.has been in the headlines for the past few months owing to the changing market and its tiff with the Securities and Exchange Commission .
Earlier in the year, the crypto exchange was of the opinion that regulatory hurdles in the United States might drive the company away from the country. However, per the latest updates, the company is doubling down on its investment in a US-based company.- Coinbase, announced that it would be acquiring a stake in the issuer of the second biggest stablecoin in the world, USD Coin - Circle.
They added that going forward, USDC’s presence will be expanded across networks adding support for six new blockchains by launching the stablecoin on them. Following the news of the exchange gaining an equity stake in the stablecoin issuer, Coinbase’s stock COIN noted a jump in its price. At the closing bell, COIN could be seen trading at $75.28, up by nearly 3% in the past day. This was the first instance of consecutive green candles since mid-July, reviving the hopes of a recovery following the 31% crash in the past few weeks.Furthermore, the development is also expected to play in favor of USDC, which has been losing ground since March this year. The stablecoin was gravely impacted by the banking crisis, losing over $17 billion in market capitalization.
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