Coinbase is teaming up with Squads to bolster the adoption of the USDC stablecoin on the Solana blockchain.
Abstract
- Coinbase and Squads have joined forces to spice up USDC adoption on Solana.
- The initiative builds on Squads’ securing of over $1 million in USDC throughout its product suite.
- Coinbase introduced the relaunch of its Stablecoin Bootstrap Fund geared toward bolstering DeFi liquidity with stablecoins.
Squads, a decentralized finance layer on Solana (SOL), introduced the strategic partnership with Coinbase on Aug. 13, noting the collaboration goals at increasing the adoption of USDC (USDC) on the Solana blockchain.
The partnership with Squads comes amid a number of stablecoin adoption milestones focused at USDC on Solana. U.S.-based Coinbase is among the many main gamers to make high strikes in latest days.
Notably, the crypto trade has relaunched its Stablecoin Bootstrap Fund, an initiative geared toward advancing the usage of stablecoins throughout decentralized finance. Key to this system is the adoption of USDC on DeFi protocols like Aave, Jupiter, Morpho and Kamino.
Squads and Coinbase need to increase this adoption additional with integration inside its infrastructure, merchandise and software programming interfaces. The 2 platforms will faucet into the prevailing traction that has over $1 billion in USDC, or about 15% of provide on Solana, secured throughout Squads’ merchandise.
“Squads is driving onchain stablecoin adoption throughout the Solana ecosystem. We’re excited to help them as they deeply combine USDC throughout their product suite to unlock additional worth for his or her clients,” mentioned Shan Aggarwal, chief enterprise officer at Coinbase. “Our partnership with Squads reinforces the function of USDC because the main stablecoin in DeFi, and can play a pivotal half in showcasing its utility within the broader onchain economic system.”
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USDC-powered merchandise
Development for Squads contains the launch of its programmable self-custody infrastructure in 2021, unveiling of Squads Multisig and securing greater than $10 billion in worth.
The protocol has additionally moved over $5 billion in stablecoins. Stablecoins comparable to USDC have been Squads’ essential development vector over the previous 18 months, buoyed by total institutional curiosity and regulatory developments.
The protocol’s suite of merchandise at present powered by USDC embody the U.S. greenback financial savings enterprise account Altitude; private finance app Fuse; and stablecoin-powered API Grid.
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