COINBASE BUYS STAKE IN CIRCLE, DISSOLVING USDC ISSUER CENTRE

Summary from the TLDR Crypto newsletter

Coinbase has acquired a stake in Circle, dissolving the Centre Consortium which issues the USDC stablecoin. Now, Circle will continue independently as the sole issuer of USDC. Revenue from interest on the dollar reserves backing USDC will now be split equally between the two companies. Circle also plans to launch USDC on six additional blockchains by the end of October. This is yet another example of Coinbase’s shift away from trading commission revenue toward a diversified revenue mix.