USDC stablecoin issuer Circle and cryptocurrency exchange Coinbase have altered the terms of USDC governance since their Centre Consortium has become obsolete, they said.
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.“Circle and Coinbase […] Have agreed that with growing regulatory clarity for stablecoins in the U.S. and around the world, the requirement of a separate governance body like Centre, is no longer needed.
Circle co-founder and CEO Jeremy Allaire said in an X thread that Circle and Coinbase “are extending and deepening our commercial relationship, with Coinbase taking an equity stake in Circle.” No value was stated for the Coinbase share. The new arrangement will increase the firms’ strategic and economic alignment, the blog posts noted. Interest revenue will continue to be shared between them based on their holdings of the stablecoin.
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