Coinbase to store more corporate and customer USDC balances on Base as TVL tops $1 billion

Coinbase plans to store more corporate and customer USDC balances on Base, the Ethereum Layer 2 it incubated, which is built on the open-source OP Stack.

"This enables us to manage and secure customer funds with lower fees and faster settlement times, with no impact to the Coinbase user experience," Max Branzburg, Coinbase VP and Head of Consumer Products shared on X.

"We are excited to continue to move our business onchain and hope other companies will follow our lead," he added.

The move has largely been seen as a positive one, with Base contributor Jesse Pollak responding that it is "based" and that they're "excited to keep supporting Coinbase moving onchain."

Base's TVL surges

Base itself has seen a surge in total value locked. User deposits have topped $1 billion, per data from Defi Llama. The L2's TVL is now more than double what it was at the start of the month, when $470 million was recorded onchain.

As The Block reported yesterday, decentralized exchange Aerodrome accounts for the lion's share of Base's TVL after surging since early February.

Transaction counts on Base have surged more significantly than on other optimistic rollups, although Arbitrum has also experienced a significant surge. Meanwhile, OP Mainnet’s daily transaction count has seen a more muted increase.