Coinbase is teaming up with Squads to bolster the adoption of the USDC stablecoin on the Solana blockchain.
Squads, a decentralized finance layer on Solana (SOL), announced the strategic partnership with Coinbase on Aug. 13, noting the collaboration aims at expanding the adoption of USDC (USDC) on the Solana blockchain.
The partnership with Squads comes amid multiple stablecoin adoption milestones targeted at USDC on Solana. U.S.-based Coinbase is among the major players to make top moves in recent days.
Notably, the crypto exchange has relaunched its Stablecoin Bootstrap Fund, an initiative aimed at advancing the use of stablecoins across decentralized finance. Key to the program is the adoption of USDC on DeFi protocols like Aave, Jupiter, Morpho and Kamino.
Squads and Coinbase want to boost this adoption further with integration within its infrastructure, products and application programming interfaces. The two platforms will tap into the existing traction that has over $1 billion in USDC, or about 15% of supply on Solana, secured across Squads’ products.
“Squads is driving onchain stablecoin adoption across the Solana ecosystem. We’re excited to support them as they deeply integrate USDC across their product suite to unlock further value for their customers,” said Shan Aggarwal, chief business officer at Coinbase. “Our partnership with Squads reinforces the role of USDC as the leading stablecoin in DeFi, and will play a pivotal part in showcasing its utility in the broader onchain economy.”
Growth for Squads includes the launch of its programmable self-custody infrastructure in 2021, unveiling of Squads Multisig and securing more than $10 billion in value.
The protocol has also moved over $5 billion in stablecoins. Stablecoins such as USDC have been Squads’ main growth vector over the past 18 months, buoyed by overall institutional interest and regulatory developments.
The protocol’s suite of products currently powered by USDC include the U.S. dollar savings business account Altitude; personal finance app Fuse; and stablecoin-powered API Grid.
