Crypto exchange Coinbase (Nasdaq: COIN) and onchain infrastructure provider Squads announced on Aug. 13 a strategic agreement aimed at expanding USD Coin (USDC) adoption within the Solana network. Under the arrangement, USDC will become the standard stablecoin across Squads’ platform, signaling a joint push to enhance stablecoin-powered financial services across decentralized and traditional finance markets.

Coinbase promoted the development on social media platform X:

USDC adoption on Solana is about to accelerate. We’ve partnered with Squads to make USDC the default stablecoin across their entire product suite.

In outlining the rationale, Squads stated: “This partnership builds on an existing foundation with over $1 billion in USDC secured across our products — nearly 15% of total USDC supply on Solana. This deepens that commitment, making USDC the default stablecoin across our product suite. We believe USDC is the premier stablecoin for our products because of its fully audited U.S. dollar reserves, deep liquidity, and rigorous regulatory oversight.”

Adding further context, Coinbase’s chief business officer, Shan Aggarwal, stated:

Squads is driving onchain stablecoin adoption across the Solana ecosystem… Our partnership with Squads reinforces the role of USDC as the leading stablecoin in DeFi, and will play a pivotal part in showcasing its utility in the broader onchain economy.

USDC now underlies Squads’ main products: Altitude, a USD business account; Fuse, a consumer finance app linked to a Visa card; and Grid, an API for embedding stablecoin accounts in fintech platforms. These offerings leverage programmable transfers, recovery features, and policy-based controls to support varied use cases. While some remain concerned over regulatory uncertainties and potential systemic risks, supporters highlight USDC’s transparency, liquidity, and compliance standards as competitive strengths for expanding stablecoin integration across global finance.

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