Coinbase Revives USDC Bootstrap Fund to Enhance Liquidity in DeFi Protocols Like Aave and Morpho
Main Idea
Coinbase has relaunched its Stablecoin Bootstrap Fund to enhance USDC liquidity in DeFi protocols, starting with support on platforms like Aave and Morpho, aiming to attract more crypto traders and borrowers to USDC.
Key Points
1. Coinbase's Stablecoin Bootstrap Fund aims to boost USDC liquidity in DeFi protocols, initially supporting Ethereum-based lenders like Aave and Morpho, and Solana-based platforms like Kamino and Jupiter.
2. USDC's market cap is $65.6 billion, significantly trailing Tether's $164.6 billion, highlighting the fund's goal to strengthen USDC's position in the market.
3. The fund was first introduced in 2019 and previously deployed $1 million each to Compound and dYdX, helping USDC grow into a popular stablecoin in DeFi.
4. Coinbase reported $1.5 billion in revenue for Q2, with stablecoin-related revenue (primarily USDC) rising 12% to $332 million despite overall revenue falling 26% from the previous quarter.
5. Total value locked in DeFi protocols is $165.4 billion, with Aave and Ether (ETH) liquid staking protocol Lido leading at $41 billion and $40.8 billion respectively.
Description
Coinbase has relaunched its Stablecoin Bootstrap Fund to enhance USDC liquidity in DeFi, starting with support on platforms like Aave and Morpho. This initiative aims to attract more crypto traders
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