Circle and Coinbase are set to bring a period of advancement for Circle and its native stablecoin USDC. Just after Coinbase took stake in Circle, USDC governance has been moved in-house and exciting things seem to be in store for the stablecoin.
Right now, USDC works on nine blockchains, but soon it will work on six more.
These are Polygon PoS, Base, Polkadot, NEAR, Optimism and Cosmos, and they will be connected by the Noble network.
This is a big deal, because it means that more people and businesses will be able to use USDC for their transactions. It also means that USDC will have more influence and power in the crypto world.
On this news, Polygon founder Sandeep Nailwal took to X (formerly Twitter) to express support and excitement.
— Sandeep Nailwal | sandeep. polygon 💜 (@sandeepnailwal) August 23, 2023
This news comes after a major change in the way USDC is managed. USDC was created by two companies, Circle and Coinbase, in 2018.
They formed a group called the Centre Consortium to make decisions about USDC’s rules and policies. But this week, they decided to end the Centre Consortium and let Circle take over the responsibility of USDC .
Coinbase also bought a part of Circle, so they are still involved in some way.