Coinbase will transfer USDC accounts to the Base chain

Max Branzburg, Vice President of Coinbase, announced that Coinbase plans to transfer more customer and business USDC stablecoin accounts to its Ethereum Layer2 blockchain Base, aiming to reduce costs and shorten settlement times. Some in the cryptocurrency industry see this as a positive step towards the future of on-chain finance, setting an example for other exchanges and potentially impacting the broader banking industry. However, critics point out that Base is currently in a centralized state under Coinbase, although the company intends to gradually decentralize it and improve transparency and public contributions through open sourcing the Base code.