Coinbase to Shift USDC Accounts to Its Layer Two Blockchain Base

Coinbase plans to transition more customer and corporate Usd coin (USDC) stablecoin accounts to Base, its Ethereum layer two blockchain, aiming for reduced fees and quicker settlement times, as announced by Coinbase VP Max Branzburg. The move is seen by some in the crypto industry as a positive step towards an on-chain financial future, setting an example for other exchanges and potentially influencing the broader banking sector. Critics, however, point out Base’s current centralization under Coinbase, although the company has intentions to gradually decentralize it, alongside efforts to increase transparency and public contributions by open-sourcing Base’s code.