Coinbase Global Inc. has partnered with developer-tool provider Squads Protocol to make USD Coin (USDC) the default stablecoin across all Squads products on the Solana blockchain, the companies said Wednesday. The switch is meant to streamline treasury and payment functions for teams building on Solana and could broaden day-to-day use of USDC on the network. The exchange is simultaneously lowering costs tied to the dollar-pegged token on its own Base layer-2 network. Coinbase has cut USDC fees for MetaMask wallet users on Base and teamed with payments firm Mercuryo to slash on-ramp charges by roughly 50%, moves aimed at making the stablecoin cheaper to acquire and move. Circle Internet Financial, which issues USDC, has sharply expanded supply alongside the new integrations. Blockchain data show Circle minted about 750 million USDC on Solana in the past 24 hours, created an additional $400 million on Ethereum, and moved $1 billion of newly minted coins to Coinbase in two $500 million transactions that each settled in under two seconds at sub-dollar costs. The flurry of issuance comes as the total value of stablecoins in circulation stands at roughly $284 billion, according to market trackers. Circle and Coinbase are betting that faster, cheaper transfers across multiple blockchains will help USDC capture a larger share of that growing pool.
.@coinbase and crypto payments infrastructure platform @Mercuryo_io are partnering to lower on-ramping fees for $USDC users on @base. On-ramp fees could drop by about 50%. https://t.co/c6JQJaLvw3 https://t.co/PgZyEU0EvQ
Want to know where the price of $ETH is heading? Watch the $USDC mints. In the past month, #Circle minted 5.5B $USDC on #Solana! Freshly minted $USDC means new money is flooding the market, a powerful catalyst for a higher price of major assets like $ETH. https://t.co/HfXa3pQyYk
Coinbase cuts USDC fees for MetaMask users on Base as Circle eyes stablecoin-native Layer 1 https://t.co/3s37bDGJC7