A prominent cryptocurrency exchange, Coinbase, recently indicated that it wants to increase the storage of both company and customer USD Coin (USDC) balances on Base, a layer-2 solution that the exchange created.
Max Branzburg, Vice President of Product at Coinbase, wrote about this change in a post on March 27. He pointed out that Base is more efficient than Ethereum because it has few charges and fast payment times. Branzburg informed Coinbase users that this change would not affect how they use the service.
Coinbase’s Base USDC Expansion
However, it remains unclear how much Crypto Exchange plans to move its USDC funds to Base or when this will happen.
Arkham Intelligence data shows that less than 1% of Coinbase’s assets are held on Base at the moment. The rest is divided between the Bitcoin and Ethereum networks.
At the moment, Crypto Exchange appears to be holding five tokens on Base, which are worth a total of $45.8 million. Notably, this amount is primarily made up of the tokenized version of USDC, which makes up over $37.3 million. But exact numbers are not given out because Coinbase refuses to give its addresses to the public.
At the exact time that Branzburg made his announcement, Base reached a significant milestone: the total value locked (TVL) in the network surpassed $1 billion.
Since February, DefiLlama data shows that the Base network has become significantly more volatile in a short time. Its value has gone from about $400 million to over $1 billion in less than a month.
