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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.
"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."
https://www.axios.com/pro/fintech-deals/2024/11/13/coinbase-acquires-utopia-labs-team
