Coinbase is re -conducting the Stablecoin Bootstrap fund first introduced in 2019 to boost Stablecoin USDC’s liquidity in a set of popular and emerging decentralized financial protocols.
Coinbase Says On Tuesday its initial placement will provide USDC (USDC) Liquid to lenders based on Ethereum Aave and Morpho, and Solana -based platforms Kamino and Jupiter.
“As we measure the funds over time and distribute liquidity to more protocols and stablecoins, we are especially eager to cooperate with pre-launch teams or those who seek to drive Stablecoin growth from one day,” he added.
Deployment is managed by Coinbase Asset Management and are designed to ensure that users can “access reliable rates throughout mature and emerging protocols,” Coinbase said.
Coinbase will not disclose the size of the fund. Cointelegraph contacted the Coinbase for the comment.
The Coinbase helped create the USDC in conjunction with its Circle Internet Group, but is still key to its ecosystem. Tether (USDT) Leads Stablecoin volume throughout the crypto ecosystems, with more than $ 100 billion in the USDC market capitalization, and Coinbase’s bidding to boost the USDC’s Loving In Defi can attract more crypto traders and token borrowers.
Total amount locked in defi protocols currently seated at $ 165.4 billion, led by AAVE and Ether (Eth) Liquid Staking Protocol Lido for $ 41 billion and $ 40.8 billion, Defillama Data Shut up.
Blue Chip Defi Protocol benefits from Coinbase’s first fund
Coinbase Stablecoin Bootstrap Fund’s resurrection is coming six years after this was first introduced In September 2019 to help Ethereum -based protocols such as Uniswap, Compound and DYDX with USDC liquidity.
The first of those funds had $ 1 million each of the compound and Dydx, which helped allocate the way for the USDC to grow in a popular stablecoin in Defi after Just launching a year before.
USDC is now holding a market cap of $ 65.6 billion, riding in USDT for $ 164.6 billion, coingecko Data Shut up.
Like most stablecoins, the USDC is supported in many blockchains, including Ethereum, Base, Solana, Polygon, Aptos, Avalanche and Sui.
Coinbase total income, but stablecoin income
It came as Coinbase reported $ 1.5 billion income For the second quarter, the collapse of industry expectations of $ 1.56 billion to $ 1.59 billion.
Related: Coinbase partners with confused AI for real-time crypto prices
However, as the revenue fell 26% from the previous quarter, the stablecoin-related revenue-especially by the USDC-increases by 12% to $ 332 million.
Coinbase aims to be an “all app”
Coinbase aims to launch a “super app” after Rebranding its Coinbase wallet In the “Base App” on July 16, the exchange said was to change it “from a purse to an app that all combined with society, apps, chats, payments, and trading.”
The app aims to “expand economic independence, creativity, and change,” product head for the base app, John Granata, said, added that it could be the starting point for a new type of social network.
The app is still in Beta stage.
Magazine: Scottie Pippen said Michael Saylor warned him about Satoshi Chatter
