Coinbase (COIN) has entered into a strategic partnership with cryptocurrency payment platform Mercuryo to lower fees for depositing the USDC stablecoin into the MetaMask wallet. The terms apply to both new and existing USDC users transferring funds to the Layer 2 Base network. According to Mercuryo, the fee reduction could be around half.
Context and Growing Interest in Stablecoins
The deal comes amid rising interest in stablecoins following the adoption of the GENIUS Act in the US, which will set regulatory rules for the sector. Financial institutions are also showing interest in integrating fiat-backed tokens.
Mercuryo CEO Petr Kozyakov noted that in 2025, stablecoins, including USDC, are taking a central role in the cryptocurrency agenda and serving important functions in the emerging digital economy. He expressed confidence that MetaMask users will take advantage of the USDC deposit discount.
Connection to Circle and Coinbase Initiatives
The partnership was announced just days after USDC issuer Circle (CRCL) revealed it is developing a new Layer 1 network where USDC will be used as a gas payment token. USDC was launched as part of a joint project between Circle and Coinbase called the CENTRE Consortium and remains closely tied to the exchange.
Recently, Coinbase also signed an agreement with JPMorgan to allow credit card reward points to be converted into USDC on the Base network and is pursuing several other initiatives to grow the stablecoin ecosystem.
USDC’s Position in the Market
According to Coinmarketcap, USDC ranks second among stablecoins by market capitalization. Following Circle’s IPO in June, the token’s circulating supply has grown by 90% year over year, reaching $61.3 billion, according to the company’s latest quarterly report.
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