In a recent disclosure, Circle and Coinbase, the trailblazers behind the Centre Consortium, unveiled a significant shift in the governance structure of USDC.

The announcement emphasized that with increasing regulatory clarity around stablecoins in the U.S., both firms rethought the need for a distinct governing body. The outcome of their deliberations is the dissolution of Centre as an independent entity.

Circle will now undertake comprehensive responsibility for USDC, encompassing all governance and operational roles previously overseen by Centre. This restructured approach is designed to boost operational agility, simplify governance processes, and solidify Circle’s direct accountability as USDC’s issuer.

This transition also entails Circle’s management of smart contract keys and compliance with regulatory standards on reserve governance. Additionally, Circle will spearhead the integration of USDC into new blockchain platforms.

In tandem with this announcement, Circle revealed its ambition to broaden USDC’s footprint across various blockchains. The stablecoin is slated to debut on six additional blockchains in the coming months, raising its total blockchain presence to fifteen.

Circle’s CEO, Jeremy Allaire, shared this news on Twitter, garnering a response from Coinbase’s CEO, Brian Armstrong.

This strategic maneuver aims to leverage USDC’s growing traction and enhance its availability to a global developer audience. The expansion is a nod to the surging demand for USDC from businesses, applications, and developer ecosystems that prefer USDC as their blockchain-based dollar.

In another significant development, Coinbase has deepened its ties with Circle by securing an equity stake. This move, as per the announcement, is geared towards aligning their strategic visions and fostering a collaborative approach to shaping the financial landscape’s future.