Coinbase to store USDC on Base as TVL Skyrockets to $1B

Coinbase is advancing its storage strategy for corporate and customer USD Coin (USDC) balances by leveraging Base, an Ethereum (ETH) layer 2 solution it helped develop.

Base, built upon the Optimism (OP) Stack, aims to enhance the efficiency of managing and securing funds with its open-source technology.

Max Branzburg, the Vice President and Head of Consumer Products at Coinbase, announced via X that this shift will result in lower transaction fees and quicker settlement times, all while maintaining the current user experience standards at Coinbase. Branzburg expressed enthusiasm about the company’s ongoing shift towards blockchain technology and encouraged other firms to consider similar transitions.

1/ Going forward, Coinbase is going to be storing more corporate and customer USDC balances on Base. This enables us to manage and secure customer funds with lower fees and faster settlement times, with no impact to the Coinbase user experience.

We are excited to continue to…

— Max Branzburg