Coinbase Recognizes Limitless Interoperability Prospects Between Ethereum and USDC

Coinbase is gearing up for a future where billions of customers can safely and securely use decentralized applications on numerous blockchains. This will be made possible through the integration of the Ethereum Virtual Machine (EVM) and Circle’s USD Coin (USDC) in a new system.
During a speech at TokenizeThis 2024 in Miami, Coinbase’s head of tokenization, Anthony Bassili, revealed that the company’s Ethereum layer-2 Base blockchain will streamline the Know Your Customer (KYC) and Anti-Money Laundering (AML) processes. This will be achieved through identity attestation via the Ethereum Attestation service and Coinbase verification, which will create a tag on the user’s smart wallet.
Coinbase verification will be available to customers after they have completed the KYC procedure. While this may not be sufficient in all cases, Bassili stated that over 300,000 wallets have already been attested.
To provide customers with wallets and verified identities access to Web3, Base will leverage the interoperability of EVM networks. The use of USDC will support this ecosystem. It is worth noting that Coinbase acquired an equity stake in Circle in August, and currently holds over $28 billion in total assets in the company.
Looking ahead, Bassili highlighted the potential for robust tokenized assets in various asset classes to be traded directly for other assets, eliminating the need for intermediaries like dollars. He emphasized that cryptocurrencies offer a liquid and open market structure that can handle complex transactions. In the meantime, USDC serves as a stepping stone towards developing this market structure.