USDC Stablecoin To Save Chilean Economy From Inflation?

Circle (CRYPTO: USDC) unveiled a new partnership with Mercado Pago, a leading payment platform in Latin America, to bring the USDC stablecoin to Chilean customers. This move is particularly significant given Chile's current economic hurdles and rising inflation.

Timeline of Usd-coin

In a strategic move aimed at enhancing financial accessibility and stability, Circle, the instant money transfer service, has joined forces with Latin American payment giant Mercado Pago to introduce the USDC stablecoin to customers in Chile.

This week's Crypto Biz explores the latest on Binance's global on-ramps and off-ramps, Coinbase-Circle re-alignment, Shopify's take on USDC and China's blockchain data exchange.

Circle has announced that its dollar-based stablecoin, USDC, will be added to six new blockchains including; Base, Cosmos via Noble, NEAR, Optimism and Polkadot, and Polygon PoS. The first five will be added in September, with Polygon joining in October.

Top US crypto exchange by trading volume Coinbase is investing in the USD Coin (USDC) stablecoin issuer Circle. Coinbase and Circle co-created USDC in 2018 and have jointly managed the asset, which aims to maintain a peg to the US dollar, through the Centre Consortium.

USDC is expected to roll out on 6 new blockchains on which it will be available natively. This growth could trigger a pivot in USDC's market and more importantly, the level of utility.

A novelty in the crypto world: Coinbase, the prominent US exchange, is set to acquire a minority stake in Circle Internet Financial, simultaneously dissolving their joint partnership in the Centre Consortium that has played a key role in the governance of USD Coin (USDC).

In a joint statement, Jeremy Allaire, CEO of Circle, and Brian Armstrong, CEO of Coinbase, announced the dissolution of the Centre Consortium. Consequently, Circle will take exclusive charge of the issuance and governance of USDC. Additionally, Coinbase has acquired an equity stake in Circle while signaling a stronger commitment to stablecoins.

Coinbase Global announced significant restructuring this week with plans to secure an equity stake in Circle. Additionally, the two companies, which jointly managed the Centre Consortium responsible for the stablecoin USD Coin (USDC), will dissolve this partnership.

The biggest US-based crypto exchange Coinbase announced that it has purchased a stake in USDC stablecoin issuer Circle amid growing regulatory scrutiny in the US and other parts of the world. This could be great news for Circle as well since the USDC issuer was losing market share over the last year.

Coinbase and Circle said in a blog post on Aug. 21 that Centre — the consortium originally responsible for the USDC stablecoin — will be dissolved. The two companies said that Centre will end its operations due to changing regulatory conditions.