After two years of split governance, the cooperation between the two companies has culminated in a new agreement, with Coinbase even acquiring a minority stake in Circle.

Earlier this summer, Circle shared plans to upgrade USDC’s technical capabilities in order to pave the way for present and future projects – and the release of the next upgrade has just been announced.

Stable September

On the 29th of August, Jeremy Allaire – the CEO of Circle – announced that USDC would be made available on the Base network sometime next week.

Native $USDC on @BuildOnBase. Coming next week. #StableSeptember. Let’s go! https://t.co/oqfI0ZZhCn

— Jeremy Allaire (@jerallaire) August 29, 2023

Although USDC could already be used on the Base network by using USDbC – a USDC token backed by liquidity on the Ethereum network – USDC will now become native on the Base network.

By eliminating the bridge, Circle aims to clear up any doubts regarding the reserves backing the bridged USDC tokens and to make it easier for institutional investors to manage their holdings across both networks.

“USDC issued by Circle will be native to Base and can be considered the official form of USDC for the ecosystem. Over time, we expect native USDC liquidity will grow and may replace the currently circulating bridged USDbC liquidity that comes from Ethereum.”

Eventually, USDbC will probably be deprecated, although such a decision would probably be taken far off into the future.

For the time be