At the recent TokenizeThis 2024 conference in Miami, Anthony Bassili, Coinbase's head of tokenization, outlined the company's vision for its Base network, emphasizing the significant interoperability possibilities with Ethereum and the USD Coin (USDC). This vision forms part of Coinbase’s broader strategy to accommodate a future where a billion customers could use decentralized applications across numerous blockchains, all integrated seamlessly with the Ethereum Virtual Machine (EVM) and supported by Circle’s USDC.

The Base network, an Ethereum layer-2 blockchain developed by Coinbase, aims to streamline and secure user experiences with features like the Ethereum Attestation Service and Coinbase’s own verification processes. These tools are designed to simplify the complex and often cumbersome Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures. Bassili explained that following a successful KYC verification, users would receive a tag on their smart wallet, indicating their verified status. This system, he noted, could evolve into a KYC reliance model that simplifies the verification process even further.

Currently, over 300,000 wallets have undergone this attestation process, marking a significant milestone in Coinbase’s efforts to build a more accessible and secure Web3 environment. The integration of the EVM across different blockchain networks underpins this ecosystem, with USDC playing a pivotal role in its operation.

Coinbase’s commitment to this integration was further solidified by their equity stake in Circle, the company behind USDC, in August. Bassili revealed that Coinbase now manages more than $28 billion in total assets through Circle, highlighting the scale of their involvement and their capabilities in minting USDC.

Looking forward, Bassili discussed the potential for a market where tokenized assets across various classes could be directly traded with one another, bypassing traditional currency exchanges. This vision, however, hinges on the development of appropriate regulatory frameworks and market structures that support instant identity checks and intricate asset interactions.

In his view, cryptocurrency represents the ideal model for a liquid, open market structure that can support complex trading relationships without necessitating dollar pair trades. USDC is seen as a foundational step towards realizing this advanced market structure, paving the way for a future where asset interchangeability on a massive scale could become a reality.