tl;dr
Coinbase CEO Brian Armstrong has advocated for the integration of Circle's USD Coin (USDC) for payments on X, formerly known as Twitter. This move aligns with X's plans to introduce a payment system and expand into an "everything app." X has made progress in securing money transmitter licenses acros...
Coinbase CEO Brian Armstrong has urged X, formerly known as Twitter, to embrace Circle's USD Coin (USDC) for payment integration. This supports X's plans to introduce a payment system and expand into an "everything app." X has made progress in securing money transmitter licenses across the US, and integrating USDC via Coinbase-backed Base could be strategic.
USDC's supply and presence on Ethereum Layer 2 networks have seen significant growth, making it a compelling option for integration. Base, in particular, has experienced substantial growth in USDC usage and is considered the leading Ethereum Layer 2 network by activity.
In a December 29th post, Armstrong signaled interest in incorporating USDC for payments on X and called on the X team to explore implementing this feature. This aligns with X's ambitions to introduce a payment system and transform the platform into an "everything app."
X has made strides in securing money transmitter licenses across the US, with its subsidiary, X Payments, now licensed in 33 states. USDC integration via Coinbase-backed Base could be a strategic move for X and the stablecoin, especially considering USDC's significant supply and growth on Ethereum Layer 2 networks.
USDC's total supply grew over 80% in 2024, surging from $24.2 billion to more than $43 billion. Its presence on Ethereum Layer 2 networks also saw explosive growth, with Base alone experiencing 26x growth in USDC usage and becoming the leading Ethereum Layer 2 network by activity.
Base reports 5.77 million weekly active addresses, accounting for nearly 58% of all Layer 2 activity, and the total value of assets locked on the platform has spiked to $13.8 billion from $745 million recorded at the beginning of the year, according to L2Beats data.