Coinbase has entered into a strategic partnership with the cryptocurrency payment infrastructure provider Mercuryo, aiming to reduce fees for users transferring the altcoin USDC to the Base network via the MetaMask wallet. Mercuryo forecasts a significant reduction in fees, approximately 50%, as a part of this initiative. The move coincides with the rising interest in stablecoins following the enactment of the GENIUS Act in the US and Circle’s recent announcement of establishing a stablecoin-local Layer-1 network designed to make USDC a transaction fee coin.
Significant Reduction in USDC Fees on MetaMask Expected
The collaboration between Coinbase and Mercuryo is poised to make transferring USDC to Base more affordable via MetaMask. With the integration of Coinbase’s network, users benefiting from Mercuryo’s infrastructure can anticipate a notable decrease in fiat purchase fees. This partnership caters to both new and existing USDC users, targeting an expansion in USDC accessibility on the Base network.
Mercuryo CEO Petr Kozyakov remarked that “Stablecoins will be central to the crypto narrative by 2025. We believe MetaMask users will fully benefit from this discount.” As signals of institutional integration grow stronger within the market, the cost reduction provides a practical convenience that supports adoption. Being a Layer-2 network developed by Coinbase, Base enhances the fluidity of wallet and network transitions.
Circle’s Vision for USDC and Layer-1 Network
Recently, Circle announced plans to build a stablecoin-native Layer-1 network positioning USDC as a transaction fee coin. Initially introduced to the market through Circle and Coinbase’s Centre Consortium, USDC maintains a strong alliance with major exchanges. This closeness fosters network effects and expands its usability.
In a recent commitment, Coinbase partnered with JPMorgan to allow the conversion of credit card points into USDC on Base while continuing to support the altcoin via additional initiatives. As of the latest data, USDC ranks as the second-largest stablecoin by market capitalization. Following its public listing in June, Circle’s latest quarterly report revealed that the circulating supply of USDC had surged by 90% year-on-year, reaching $61.3 billion.
