Coinbase takes equity stake in Circle as USDC Centre Consortium shuts down
Circle will take on full operational and governance responsibility after five years, thanks to increased regulatory clarity.
Coinbase and Circle have redefined their relationship, according to identical announcements on the Coinbaseand Circle blogs on Aug. 21. The two organizations jointly launched the USD Coin (USDC) stablecoin and have until now governed the token through the Centre Consortium.
The Centre Consortium “will no longer exist as a stand-alone entity,” the blog past said, and governance and operations will be handled in-house. Circle will have enhanced responsibilities, including holding smart contract keys and regulatory compliance.
The crypto firms attributed the move to increased regulatory clarity:
“Circle and Coinbase...