Coinbase, Sony Boost Stablecoin Involvement with Bastion Funding
- Coinbase and Sony invest $14.6M in Bastion, expanding stablecoin market.
- Global push for non-USD stablecoins gains momentum with new listings.
- Institutional investment in stablecoin infrastructure signals growing interest.
Coinbase and Sony have intensified their engagement with stablecoins by listing AUDD and XSGD on Coinbase and joining a $14.6 million funding for Bastion’s corporate stablecoin services.
This move reinforces non-USD stablecoin expansion, potentially boosting market adoption and liquidity, signaling heightened institutional interest in stablecoin infrastructure.
Coinbase and Sony participated in a $14.6M Bastion funding round, enhancing stablecoin sector involvement.
The investment reflects a strategic expansion into non-USD stablecoins, indicating a focus on international crypto markets.
Coinbase-Sony’s $14.6M Stablecoin Market Boost
Coinbase and Sony increased their stablecoin sector involvement by joining a $14.6M funding round for Bastion. Coinbase also listed new fiat-backed stablecoins AUDD and XSGD, advancing local crypto adoption efforts. Coinbase Official Blog.
Bastion, led by former Meta executive Nassim Eddequiouaq, aims to facilitate corporate stablecoin issuance. Coinbase Ventures, Sony, and others contributed to drive global non-USD stablecoin market expansion.
Nassim Eddequiouaq, CEO, Bastion, statement highlighting Bastion’s role in “removing barriers to regulatory and technical requirements for corporate stablecoin issuance.” Source
New Pools and Institutional Appetite for Stablecoins Surge
The investment amplifies stablecoin use, potentially increasing liquidity through new pools on platforms like Base’s decentralized exchange. Strategic backing by major players signals growing institutional appetite for stablecoin solutions.
As AUDD and XSGD become widely available on Coinbase, broader adoption in APAC markets is anticipated.
Regulatory frameworks in Singapore support market stability and growth for these stablecoins. StraitsX’s XSGD is recognized as compliant under the Single Currency Stablecoin (SCS) regulatory framework, offering clear regulatory support.
Bastion’s Unique Approach Amid Historic Context
Unlike Meta’s Libra, which failed despite corporate backing, Bastion’s approach to white-label stablecoin issuance might succeed in current markets. Past USD stablecoin launches significantly shaped crypto settlements.
The strategic move towards diverse fiat-backed stablecoins reflects shifting priorities in the crypto world. Historical trends suggest increasing participation could alter global financial landscapes. Brian Armstrong, CEO, Coinbase, noted, “Local stablecoins are essential to drive local crypto business growth and help to onboard many more new people to crypto.”
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