On The Brink with Castle Island
Weekly Roundup 08/25/23 (Coinbase v Circle, Tornado Cash indictment, chat app tokens) (EP.446)
Aug 25, 2023
Topics discussed include: Bitcoin halving, Republican Presidential debate, Coinbase and Circle relationship, challenges faced by USDC, Tornado Cash founders charged, defense strategy in the case, and Adderall debate in prison.
31:49
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Quick takeaways
- Coinbase and Circle have formed a partnership focused on USDC, highlighting Coinbase's goal to dominate the stablecoin market and distribute stablecoins.
- FTX's liquidation of its cryptocurrency positions through Galaxy Digital may result in increased sell pressure on Bitcoin, impacting the market.
Deep dives
Coinbase solidifies partnership with Circle and dissolves Center consortium
Coinbase has taken an equity stake in Circle and dissolved the Center consortium, which was a joint venture between the two companies responsible for issuing USDC. The move aligns Coinbase and Circle in their strategic focus on USDC as a stablecoin. The partnership provides Coinbase with clarity on the long-term net interest income that can be derived from USDC, benefiting the company as it goes public. This aligns with Coinbase's goal to maintain its dominance in the stablecoin market and become a key player in the distribution of stablecoins.
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