TechFlow reports that cryptocurrency exchange Coinbase is acquiring a minority stake in stablecoin issuer Circle Internet Financial. The Center Consortium, jointly managed by Circle and Coinbase, is set to shut down, as Circle brings the issuance and governance of the USDC stablecoin in-house. Additionally, USDC will now receive native support on six more blockchains, bringing the total number of supported blockchains to 15.
The announcement stated: "Coinbase and Circle will continue to earn revenue from interest income generated by USDC reserves, which will continue to be shared based on the amount of USDC held on each of our platforms. Furthermore, we will now equally share interest income generated from the broader distribution and usage of USDC."
