Coinbase restarts the stablecoin guidance fund to promote the development of USDC in the DeFi sector.

CN
15 hours ago

Coinbase is relaunching its stablecoin incubation fund, first launched in 2019, to enhance the liquidity of the stablecoin USDC across a range of popular and emerging decentralized finance protocols.

Coinbase stated that its initial investments will provide USDC liquidity to Ethereum-based lending platforms Aave and Morpho, as well as Solana-based trading platforms Kamino and Jupiter.

“As we gradually scale the fund and allocate liquidity to more protocols and stablecoins, we are particularly eager to collaborate with teams that have yet to launch or those looking to drive stablecoin growth from day one,” it added.

These deployments will be managed by Coinbase Asset Management, aimed at ensuring users can “access reliable rates in both mature and emerging protocols,” Coinbase said.

Coinbase did not disclose the size of the fund. Cointelegraph has contacted Coinbase for comments.

Coinbase co-created USDC with its issuer Circle Internet Group, but remains a core part of the ecosystem. Tether (USDT) dominates stablecoin trading volume in the cryptocurrency ecosystem, with a market cap leading USDC by over $100 billion. Coinbase aims to attract more cryptocurrency traders and borrowers to use the token by enhancing USDC's liquidity in the DeFi space.

According to DeFiLlama data, the total value locked (TVL) in DeFi protocols currently stands at $165.4 billion, with Aave and Ethereum's liquid staking protocol Lido leading at $41 billion and $40.8 billion, respectively.

The relaunch of Coinbase's stablecoin incubation fund comes six years after its initial launch in September 2019, which was originally intended to provide USDC liquidity to Ethereum DeFi protocols such as Uniswap, Compound, and dYdX.

The initial fund deployed $1 million each to Compound and dYdX, rapidly propelling USDC to become a mainstream stablecoin in the DeFi space just a year after its launch.

According to CoinGecko data, USDC currently has a market cap of $65.6 billion, trailing behind USDT's $164.6 billion.

Like most stablecoins, USDC is supported across multiple blockchains, including Ethereum, Base, Solana, Polygon, Aptos, Avalanche, and Sui.

Coinbase reported a revenue of $1.5 billion for the second quarter, below the industry expectations of $1.56 billion to $1.59 billion.

Despite a 26% decline in revenue from the previous quarter, its stablecoin-related revenue—primarily through USDC—grew by 12%, reaching $332 million.

Coinbase plans to launch a “super app” and renamed Coinbase Wallet to “Base app” on July 16, aiming to upgrade it from a single wallet to an all-in-one application that integrates social, applications, chat, payments, and trading.

Base app product lead John Granata stated that the app is designed to “expand economic freedom, creativity, and innovation,” and could serve as a starting point for a new type of social network.

Currently, the app is still in the testing phase.

Related: Do Kwon pleads guilty to two fraud charges regarding his role at Terraform

Original article: “Coinbase Revives Stablecoin Fund to Boost USDC in DeFi”

免责声明:本文章仅代表作者个人观点,不代表本平台的立场和观点。本文章仅供信息分享,不构成对任何人的任何投资建议。用户与作者之间的任何争议,与本平台无关。如网页中刊载的文章或图片涉及侵权,请提供相关的权利证明和身份证明发送邮件到support@aicoin.com,本平台相关工作人员将会进行核查。

3万U奖池+60%加息券,送你14,000U!
Ad
Share To
APP

X

Telegram

Facebook

Reddit

CopyLink