Coinbase (COIN), a major cryptocurrency exchange, has acquired a minority stake in Circle Internet Financial, a fintech company that issues USD Coin (USDC), the world’s second-biggest stablecoin.
The deal also ends the Centre Consortium, a joint venture between Coinbase and Circle that was responsible for the governance and issuance of USDC, which is backed by $1.
Circle will now take full charge of USDC’s operations and development. Additionally, USDC will expand its support to six more blockchains, bringing the total number of compatible blockchains to 15.
The details of the stake and the new blockchains were not disclosed by Coinbase and Circle.
They also said that no cash was involved in the transaction, according to CoinDesk report citing a source familiar with the matter.