Coinbase partners with Squads to accelerate USDC adoption on Solana
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 aimed 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 current days.
Notably, the crypto trade has relaunched its Stablecoin Bootstrap Fund, an initiative aimed toward advancing using 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 wish to increase this adoption additional with integration inside its infrastructure, merchandise and software programming interfaces. The 2 platforms will faucet into the present 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 assist them as they deeply combine USDC throughout their product suite to unlock additional worth for his or her prospects,” mentioned Shan Aggarwal, chief enterprise officer at Coinbase. “Our partnership with Squads reinforces the position of USDC because the main stablecoin in DeFi, and can play a pivotal half in showcasing its utility within the broader onchain financial system.”
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USDC-powered merchandise
Progress for Squads consists of 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 reminiscent of USDC have been Squads’ primary progress 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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