On August 21, 2023, Coinbase and Circle announced in a blog post that the parties have entered into a new strategic and commercial relationship related to USDC. Previously, USDC had been managed by the Centre Consortium, a joint venture founded and jointly governed by Coinbase and Circle. As part of the transaction, Circle took control over USDC issuance and governance, Coinbase took an equity interest in Circle, and the parties entered into a new commercial agreement. These transactions represent the alignment between Coinbase and Circle on the future of the stablecoin ecosystem and their commitment to the growth of one of the most prominent stablecoins in circulation. Latham & Watkins LLP represented Coinbase in the transactions with a New York corporate team led by partner Jenny Cieplak, with associates Ian Irlander and Alex Bernstein.~~