Crypto Exchange Coinbase (Coin) said on Tuesday that it breathes new life into its Stablecoin Bootstrap Fund, aimed at stimulating the Stablecoin licidity on the decentralized financing markets (Defi).
The initiative will be managed by Coinbase Asset Management and starts with implementations on Aave, Morpho, Kamino and Jupiter, according to a blog post.
The Exchange launched the program for the first time in 2019 to help protocols to help seeds of early trading pools for USDC Stablecoin. That effort supported early platforms such as Uniswap
Composite and Dydx and Speerpunt USDC helped in the Defi Ecosystem, which is still the most used Stablecoin in the sector.
In its new iteration, the initiative will assign capital to both established and emerging protocols, with the aim of ensuring that users have access to stable yields and efficient markets.
Although Coinbase has not announced the size of the fund or specific amounts for each implementation, a company spokesperson told Coiindek that it will test the placements on multiple networks before it scales. Currently, the Capital Fund in USDC and EURC, Circle’s Euro-Pegged Stablecoin, added the company.
The movement of Coinbase is accelerating the growth of the Defi sector in the midst of red-hot crypto markets and the relief of the headwind of the regulations in the US. Almost $ 200 billion assets have been held in Defi protocols, almost doubles since April, but still below 2021 peak, defillamage data.
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