Coinbase revives stablecoin bootstrap fund to boost USDC in DeFi
Main Idea
Coinbase has relaunched its Stablecoin Bootstrap Fund to enhance USDC liquidity in DeFi, starting with support on platforms like Aave, Morpho, Kamino, and Jupiter.
Key Points
1. Coinbase is reviving its Stablecoin Bootstrap Fund, initially introduced in 2019, to boost USDC liquidity in DeFi protocols.
2. The first placements will support Ethereum-based lenders Aave and Morpho, as well as Solana-based trading platforms.
3. USDC, created by Coinbase and Circle, has a market cap of $65.6 billion, trailing USDT's $164.6 billion.
4. Coinbase's stablecoin-related revenue rose 12% to $332 million in Q2, despite a 26% overall revenue decline.
5. The fund previously deployed $1 million each to Compound and dYdX in 2019, helping USDC become a popular stablecoin in DeFi.
Description
Coinbase has revived its fund to boost USDC liquidity in DeFi, starting with supporting the stablecoin on Aave, Morpho, Kamino, and Jupiter.
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