Coinbase is envisioning a future where a billion customers can safely and securely use decentralized applications (dApps) across millions of blockchains. The integration of the Ethereum Virtual Machine (EVM) and Circle’s USD Coin (USDC) is central to this vision.
Anthony Bassili, Coinbase’s head of tokenization, highlighted how Coinbase’s Ethereum layer-2 Base blockchain aims to streamline Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures. Identity attestation through the Ethereum Attestation service and Coinbase verification will expedite these processes, with verified identities tagged on users’ smart wallets.
Bassili anticipates a future evolution towards a KYC reliance model, simplifying the KYC process further. Already, over 300,000 wallets have been attested, indicating significant progress in establishing user identities within the ecosystem.
Base will facilitate Web3 access for users with verified identities and wallets, leveraging the interoperability of EVM networks. USDC will underpin this ecosystem, bolstered by Coinbase’s equity stake in Circle and its ability to mint USDC.
Bassili envisions a future where tokenized assets across various asset classes can be traded directly, bypassing the need for intermediary steps involving fiat currencies. While this goal requires regulatory frameworks, instant identity checks, and market structure developments, USDC serves as an initial step towards realizing this vision.
USDC plays a crucial role in developing market structures conducive to asset-to-asset trading. Bassili highlights the flexibility of crypto markets, where assets can be traded without reliance on dollar pairs, emphasizing the potential for a more liquid and open market structure.
Coinbase’s integration of EVM and USDC signals a strategic move towards enabling broader access to decentralized applications while streamlining regulatory compliance processes. As the crypto ecosystem evolves, Coinbase aims to foster market structures that support asset interoperability and liquidity, with USDC serving as a foundational step in this journey.
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