{"id":407378,"date":"2024-03-26T23:59:04","date_gmt":"2024-03-26T23:59:04","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=407378"},"modified":"2024-03-26T23:59:04","modified_gmt":"2024-03-26T23:59:04","slug":"coinbase-to-store-more-of-its-220-million-usdc-holdings-on-base","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/coinbase-to-store-more-of-its-220-million-usdc-holdings-on-base\/","title":{"rendered":"Coinbase to store more of its $220 million USDC holdings on Base"},"content":{"rendered":"

Coinbase<\/a> said that it will store a greater amount of USDC<\/a> on its Base network on March 26.<\/p>\n

Max Branzburg, Vice President of Product, announced the change on X. He wrote<\/a>:<\/p>\n

“Going forward, Coinbase is going to be storing more corporate and customer USDC balances on Base.<\/span>“<\/p><\/blockquote>\n

Branzburg said the change will allow Coinbase to manage and secure customer funds with lower fees and faster settlement. He added that the change will not impact user experience.<\/p>\n

Branzburg also urged other companies to follow Coinbase's lead as it moves its business on-chain.<\/p>\n

Coinbase's USDC breakdown<\/h2>\n

Data from Arkham Intelligence indicates that<\/a> Coinbase currently holds $220.7 million of USDC in total and stores only 17% of it on Base \u2014 equating to $37.4 million.<\/p>\n

Most of its USDC holdings \u2014 155.1 million USDC, amounting to roughly 70% of the total \u2014 are currently held on Ethereum<\/a>.<\/p>\n

Coinbase stores the remaining 13% of its USDC on various other chains, including $17.2 million on Arbitrum (7.8% of the total), $4.9 million on Avalanche (2.2%), $5.1 million on Optimism (2.3%), $1.0 million on Polygon (0.5%), and $38,557 on BNB Chain (0.02%).<\/p>\n

\"coinbase
Coinbase USDC balance across networks (via. Arkham Intelligence)<\/em><\/figcaption><\/figure>\n

Shifting the balance<\/h2>\n

As of March 26, there was $735.2 million in USDC natively on Base, plus $73.5 million of USDC bridged from Ethereum to Base.<\/p>\n

Coinbase moving hundreds of millions of dollars in the stablecoin to the network could noticeably shift the chain's overall USDC balance.<\/p>\n

However, Coinbase's USDC holdings are just a small fraction of USDC's total $32.3 billion market cap, of which $27.2 billion exists on Ethereum. As such, shifts involving Coinbase's USDC balance will not impact USDC's broader Ethereum distribution in a significant way.<\/p>\n

Coinbase previously had a key role in governing USDC through the CENTRE consortium. However, in August 2023<\/a>, CENTRE was dissolved, passing governance to Circle.<\/p>\n

Coinbase now holds a stake in Circle, and the two firms maintain a commercial relationship.<\/p>\n","protected":false},"excerpt":{"rendered":"

Coinbase said that it will store a greater amount of USDC on its Base network on March 26. Max Branzburg, Vice President of Product, announced the change on X. He wrote: “Going forward, Coinbase is going to be storing more corporate and customer USDC balances on Base.“ Branzburg said the change will allow Coinbase to […]<\/p>\n","protected":false},"author":1403,"featured_media":310095,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,1,39,32631],"tags":[],"post_folder":[],"acf":[],"yoast_head":"\nCoinbase to store more of its $220 million USDC holdings on Base<\/title>\n<meta name=\"description\" content=\"Coinbase said that it will store a greater amount of USDC on its Base network on March 26.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/coinbase-to-store-more-of-its-220-million-usdc-holdings-on-base\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta 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