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Solana and USDC Partnership: Coinbase Boosts Adoption with Squads

Coinbase has made a significant move to enhance USDC adoption on the Solana blockchain by partnering with Squads.

The agreement positions USDC as the default stablecoin for Squads' core products, which are essential in decentralized finance.

Announced on August 13, this initiative aims to drive forward stablecoin-powered financial services in both decentralized and traditional finance sectors.

Coinbase has actively promoted this collaboration, highlighting the expected acceleration of USDC adoption on Solana.

Squads emphasized their existing foundation, with over $1 billion in USDC secured, representing nearly 15% of the total USDC supply on Solana.

The partnership reinforces USDC's status as a leading stablecoin, backed by rigorous regulatory oversight and fully audited dollar reserves.

Shan Aggarwal, Coinbase’s chief business officer, noted that the collaboration with Squads will further showcase USDC's utility in the onchain economy.

USDC will support various products within the Squads ecosystem, including a business account, a consumer finance app, and an API for embedding stablecoin accounts.

While there are concerns regarding regulatory uncertainties, proponents argue that USDC's transparency and liquidity position it favorably for future integration in global finance.

This partnership marks a crucial step for both Coinbase and Solana in advancing the adoption of stablecoins in cryptocurrency markets.