Coinbase recognizes boundless potential for interoperability between Ethereum and USDC.

Coinbase is gearing up for a future where billions of customers can safely use decentralized applications on numerous blockchains. This will be made possible through the integration of the Ethereum Virtual Machine (EVM) and Circle’s USD Coin (USDC) in a secure system.
During the TokenizeThis 2024 event in Miami, Anthony Bassili, the head of tokenization at Coinbase, revealed that their Ethereum layer-2 Base blockchain will streamline the Know Your Customer (KYC) and Anti-Money Laundering (AML) processes. This will be achieved through identity attestation using the Ethereum Attestation service and Coinbase verification, which adds a tag to the user’s smart wallet.
Coinbase verification is accessible to customers after completing the KYC procedure. Bassili acknowledged that this may not be sufficient in all cases, but he mentioned that over 300,000 wallets have already been attested.
To provide Web3 access to customers with verified identities and wallets, Base will leverage the interoperability of EVM networks. This ecosystem will be supported by USDC, as Coinbase acquired an equity stake in Circle in August. Bassili stated that Circle currently holds over $28 billion in total assets, and Coinbase has the ability to mint USDC.
Bassili also highlighted the potential for trading assets without the need to convert them into dollars first. He emphasized that cryptocurrency offers a liquid and open market structure that allows for the trading of assets with each other, without necessarily involving dollar pairs. While this vision is still in the future, USDC serves as the first step towards developing this market structure.
In an unrelated matter, Kim Hamilton Duffy of Centre was interviewed and asked six questions in a magazine article.