Coinbase is making a strategic move to optimize its management process by storing more of its USDC holdings on Base, a layer-2 solution developed by the exchange. This decision comes as Coinbase aims to benefit from lower fees and faster settlement times compared to Ethereum. The shift to Base will not impact the user experience on Coinbase.

Here are some key points to note about Coinbase’s decision to store more USDC balances on Base:

– Coinbase plans to allocate more corporate and customer USDC balances on Base for enhanced fund management and security.
– The exchange currently holds less than 1% of its assets on Base, with the majority on the Bitcoin and Ethereum networks.
– Coinbase is currently storing only five tokens on Base, with a total value of $45.8 million, dominated by the tokenized version of USDC.
– Base has recently reached a significant milestone with its total value locked surpassing $1 billion, indicating a rapid increase in liquidity within the network.

This strategic move by Coinbase aligns with the growing trend of utilizing layer-2 solutions for improved efficiency in the cryptocurrency space. Stay tuned for more updates on cryptocurrency news on Global Crypto News.

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