Coinbase (ticker COIN) is entering into a strategic partnership with crypto payments infrastructure platform Mercuryo to provide lower on-ramping fees for users of the USDC stablecoin in the popular Ethereum-based MetaMask wallet.
The move comes amid rising interest in stablecoins following the passage of the GENIUS Act, which will dictate the regulation of the emerging sector in the U.S., and as financial institutions signal their interest in integrating these fiat-pegged tokens.
The offer will apply to new and existing USDC users looking to move onto Base, the Layer 2 network incubated by Coinbase. Mercuryo estimates that on-ramp fees could drop by about 50%.
Notably, the move comes days after USDC issuer Circle (ticker CRCL) announced that it would be building a stablecoin-native Layer 1 using USDC as a gas token. USDC initially launched through a partnership between Circle and Coinbase called the CENTRE Consortium, and the token remains closely associated with the major U.S. exchange.
"Stablecoins are front and centre in the crypto narrative of 2025 with USDC playing a pivotal role," Mercuryo CEO Petr Kozyakov said. "Stablecoins are serving many purposes in the emerging digital token economy and we are confident that MetaMask users will take full advantage of this discount offer for on-ramping USDC."
Recently, Coinbase inked a deal with JPMorgan to offer credit card point conversions into USDC on Base and a number of other initiatives.
USDC is the second-largest stablecoin by market capitalization. On the heels of a blockbuster IPO in June, Circle said the amount of USDC in circulation grew 90% year-over-year to $61.3 billion in its latest quarterly earnings report.
