Coinbase is acquiring the team behind Utopia, a stablecoin and payments startup that pivoted away from its core product last year, the company tells Axios exclusively. Stablecoins are experiencing a resurgence in interest from investors and companies, with this deal right on the heels of Stripe agreeing to acquire Bridge last month.
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Coinbase acqui-hires Utopia Labs team
"We think that stablecoins are having their moment," Coinbase head of corporate and business development Shan Aggarwal tells Axios. "[Payments] has been a top-level focus for us, because there's a very clear pain point there, and a lot of that is informed by organic demand that we have seen for stablecoin payments."
