Crypto

Coinbase, Circle agree to dismantle Centre Consortium

The platform will no longer be a stand-alone entity

Coinbase and Circle released the same statements on their blogs on August 21, redefining the companies’ relationship. The two are responsible for launching the USD Coin stablecoin and previously managed the token via the Centre Consortium.

The Centre Consortium “will no longer exist as a stand-alone entity,” reads the blog post, with management and functions to be conducted in-house. Circle will take on additional responsibilities, including regulatory compliance and possession of smart contract keys.

The companies say the action is due to improved regulatory transparency: “Circle and Coinbase […] have agreed that with growing regulatory clarity for stablecoins in the U.S. and around the world, the requirement of a separate governance body like Centre, is no longer needed.”

CEO and co-founder of Circle Jeremy Allaire expressed in an “X” (formerly Twitter) thread that the two crypto firms “are extending and deepening our commercial relationship, with Coinbase taking an equity stake in Circle.” The blog posts also noted that the new structure boosts the companies’ strategic and economic position. They will continue to share interest revenue based on each company’s stablecoin holdings.

USDC was launched by Circle and Coinbase in 2018. It’s the second-largest stablecoin, with a $26 billion market cap, according to CoinGecko, only behind Tether, which holds an $83 billion market cap. Circle has also been preparing for PayPal’s launch of its new stablecoin, PayPal USD (PYUSD), which was introduced on August 7.

Circle and Coinbase also announced through their blog posts that USDC will be featured on six new blockchains in September and October. While no blockchains were specified, the expansion of USDC onto Near, Arbitrum, Optimism, Cosmos, and Polkadot was revealed last September.

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