The Centre Consortium, co-operatively overseen by Circle and Coinbase, is currently in the process of being closed down. Consequently, Circle will be taking over the internal management of issuance and governance for the USDC stablecoin.
Prior to its official launch on Wednesday as a novel layer-2 network built on Ethereum, Base had already accumulated an impressive sum of nearly $166 million on the blockchain.
The leading Democratic representative on the House Financial Services Committee emphasized the necessity of establishing federal regulations prior to a company of PayPal's magnitude launching a stablecoin.
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