Coinbase CEO Brian Armstrong has signaled interest in incorporating Circle’s USD Coin (USDC) for payments on X, formerly known as Twitter.
Armstrong, in a post dated December 29, suggested USDC payments could be a useful addition to the platform. He called for the X Team to investigate implementing the feature.
This public appeal follows a similar suggestion by Travis Bloom, Coinbase’s Lead Engineer, who previously questioned when X owner Elon Musk would enable users to send and receive USDC on the Base network.
Market observers noted that implementing such functionality aligns with X’s broader ambitions to introduce a payment system and transform the social media platform into an “everything app.”
X announced plans in January to launch a peer to peer payment system similar to PayPal. While details on the service’s currency—whether fiat or crypto—remained unclear, the platform has yet to launch the initiative.
X however has achieved significant success in securing licenses for money transmitters all across the US. Its subsidiary X Payments has now been licensed by 33 states. This includes California, Illinois, Virginia, and many others.
USDC on X
USDC Integration via Coinbase-backed Base may be a strategy for X as well as the stablecoin.
USDC ranks as the second-largest stablecoin globally behind Tether’s USDT, with a focus on aligning with compliance standards. In 2024, USDC’s total supply grew over 80%, surging from $24.2 billion to more than $43 billion.
A similar explosive increase was seen in its presence within Ethereum’s Layer 2 networks. Circle’s Peter Schroeder stated that USDC’s supply of Layer 2 solutions, such as Base and Arbitrum, increased from $1.9 billion to $8.1 billion.
The USDC usage of Base has grown 26x, confirming its status as the most active Ethereum Layer 2 network.
Base, meanwhile, is the Ethereum solution with the highest growth rate. The network has 5.77 millions active addresses that are reported every week. This represents nearly 58% all Layer-2 activity.
According to L2Beats, also, the value of the assets that are locked up on the platform is now $13.8 billion, up from $745 millions at the start of the year.
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