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 <p>This could be great news for Circle as well since the <a rel="noopener noreferrer nofollow" title="USDC" href="https://thebittimes.com/tag/usdc.html">USDC</a> issuer was losing market share over the last year. In a blog post on Monday, August 21, Circle stated that its combined revenue with Coinase from the <a rel="noopener noreferrer nofollow" title="USDC" href="https://thebittimes.com/tag/usdc.html">USDC</a> coin “will continue to be shared based on the amount of <a rel="noopener noreferrer nofollow" title="USDC" href="https://thebittimes.com/tag/usdc.html">USDC</a> held on each of our platforms, and additionally we will now equally share in interest income generated from the broader distribution and usage of <a rel="noopener noreferrer nofollow" title="USDC" href="https://thebittimes.com/tag/usdc.html">USDC</a>”.</p>  
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 <p>The news comes at a time when the regulatory developments around stablecoins are picking up. Last month, a key member of the US House of Representatives panel advanced a bill in order to regulate stablecoins.</p> 
 <p>Both companies, <a rel="noopener noreferrer nofollow" title="Coinbase" href="https://thebittimes.com/tag/coinbase.html">Coinbase</a> and Circle were co-founders of the Centre Consortium that governs the USD Coin stablecoin. In its blog post announcement, <a rel="noopener noreferrer nofollow" title="Coinbase" href="https://thebittimes.com/tag/coinbase.html">Coinbase</a> said that they would be dissolving Centre.</p> 
 <p>Coinbase stated that the Centre organization will no longer operate independently, and Circle will now take over the role of issuing USDC. This change means that the Centre’s responsibilities related to governance and operations will be integrated within Circle.</p>  
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 <p>This new arrangement aims to make operations and governance more efficient and improve Circle’s direct responsibility as the issuer. This includes managing the smart contract keys, adhering to regulations regarding reserve governance, and making it possible to use <a rel="noopener noreferrer nofollow" title="USDC" href="https://thebittimes.com/tag/usdc.html">USDC</a> on different blockchain platforms.</p> 
 <h3 id="circle-usdc-navigating-through-regulations">Circle USDC – Navigating Through Regulations</h3> 
 <p>Circle has been having a tough time dealing with market developments and regulatory changes. It also faced the heat of the major banking scandals earlier this year. The <a rel="noopener noreferrer nofollow" title="USDC" href="https://thebittimes.com/tag/usdc.html">USDC</a> issuer had a $3.3 billion exposure to the Silicon Valley Bank that triggered a brief depeg of USD Coin.</p> 
 <p>For a while now, <a rel="noopener noreferrer nofollow" title="Coinbase" href="https://thebittimes.com/tag/coinbase.html">Coinbase</a> has been receiving a portion of the revenue generated by <a rel="noopener noreferrer nofollow" title="USDC" href="https://thebittimes.com/tag/usdc.html">USDC</a>. <a rel="noopener noreferrer nofollow" title="USDC" href="https://thebittimes.com/tag/usdc.html">USDC</a> is backed by a reserve of assets, including assets that can be easily turned into cash, like money and government bonds. As borrowing rates have risen to levels not seen in 15 years, the interest income from <a rel="noopener noreferrer nofollow" title="USDC" href="https://thebittimes.com/tag/usdc.html">USDC</a> has become an important source of financial gains for <a rel="noopener noreferrer nofollow" title="Coinbase" href="https://thebittimes.com/tag/coinbase.html">Coinbase</a>.</p> 
 <p>During the second quarter, Coinbase generated $151 million in revenue from USDC, as stated in its shareholder letter. A spokesperson from Coinbase mentioned on Monday that the company doesn’t expect any changes to its previously communicated financial outlook.</p> 
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Coinbase Secures A Stake in USDC Stablecoin Issuer Circle

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