Circle to Acquire Coinbase’s Stake in the Centre Consortium for $210 Million

BlockBeats News, April 2nd - According to The Block, in its initial public offering (IPO) prospectus filed on Tuesday, Circle stated that it acquired the remaining 50% stake in the Centre Consortium for $210 million in stock in 2023, a stake previously held by Coinbase. The Centre Consortium is a joint venture responsible for issuing the USDC stablecoin, and Coinbase and Circle were former partners in this joint venture.

In the IPO prospectus under the "Significant Transaction" section, Circle wrote: "In August 2023, at the same time we signed the partnership agreement, we acquired the remaining 50% interest in Centre Consortium LLC from Coinbase." Circle has now become the sole issuer of USDC and has disclosed detailed financial statements in the IPO prospectus.