Crypto Exchange Coinbase (COIN) Said Tuesday that it is reviving its stableecoin bootstrap -fund for the purpose of increasing stableecoin -liquidity on decentralized financing (Defi) Markets.
The initiative is managed by Coinbase Asset Management and begins with implementations at Aave, Morpho, Kamino and Jupiter, according to a blog post.
The exchange first launched the program in 2019 to help protocols with seeds early trading pools for USDC stableecoin. This effort supported early platforms such as Uniswap
Compound and Dydx and helped go at the forefront of USDC in the Defi Ecosystem, which is still the most widely used stableecoin in the sector.
In its new iteration, the initiative will award capital across both established and new protocols for the purpose of ensuring that users can access stable yields and efficient markets.
While Coinbase has not revealed the size of the fund or specific amounts for each implementation, a company’s spokesman told Coindesk that it will test locations across multiple networks before they are scaled. Currently, the Foundation provides capital in USDC and EURC, Circle’s Euro-Pegged StableCoin, the company added.
Coinbase’s movement comes as the growth of the defi sector accelerates in the midst of red-hot crypto markets and facilitates regulatory headwinds in the United States, there are nearly $ 200 billion assets held across defi-protocols, almost doubled since April, but still under its 2021 top, Defillama data shows.
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