Key Takeaways
- Coinbase partners with Mercuryo to slash USDC on-ramp fees for MetaMask users on Base.
- Partnership coincides with Circle’s plans for a stablecoin-native Layer 1 using USDC as gas.
- USDC circulation grows 90% year-over-year, reaching $61.3 billion.
Coinbase and Mercuryo Slash USDC Fees for MetaMask Users on Base
Coinbase and crypto payments platform Mercuryo have collaborated to reduce USDC transfer costs for MetaMask wallet users on Base, Coinbase’s Ethereum Layer 2 network. Their joint effort will lower on-ramping fees by up to 50%, making it cheaper for both new and existing USDC users.
The decision to go in this way was taken as stablecoins are gaining more and more centrist adopters’ attention after the passing of the GENIUS Act in the U.S. which is a regulation that will define the trajectory of stablecoin adoption in the future. Besides, banks are getting more and more interested in incorporating these fiat-pegged tokens into their services.
Circle’s Layer 1 Plans Strengthen USDC’s Market Position
Actually, this information is a sort of hint what Circle, the issuer of USDC, had just said – their idea to create a Layer 1 blockchain for stablecoin-native where USDC would be the gas token. USDC’s close relationship with Coinbase is deeply rooted in their joint project through the CENTRE Consortium, thus, allowing close collaboration between the two companies.
As quoted by Mercuryo CEO Petr Kozyakov, stablecoins like USDC are becoming the heart of the digital asset ecosystem, which is changing continuously. “We believe that MetaMask users will be very happy to have this discount offer available every time they need to top up their USDC wallets,” Kozyakov added.
Coinbase, be it, is also developing its stablecoin ecosystem further with the help of other projects such as, for instance, the partnership with JPMorgan which enables customers to convert credit card reward programs into USDC on Base.
Currently, USDC holds the position of the second-largest stablecoin by market capitalization. Following its IPO in June, Circle reported a 90% year-over-year surge in USDC circulation, now totaling $61.3 billion.
Summary
Coinbase’s partnership with Mercuryo significantly reduces USDC on-ramping costs for MetaMask users on Base, aligning with Circle’s ambitious Layer 1 blockchain plans. With regulatory clarity from the GENIUS Act and booming market growth, USDC is positioned to play a key role in the stablecoin-driven economy of 2025.
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