Coinbase is gearing up for a future where billions of customers can securely use decentralized applications across various blockchains, integrating the Ethereum Virtual Machine (EVM) and Circle’s USD Coin (USDC).

Anthony Bassili, Coinbase's head of tokenization, explained at TokenizeThis 2024 in Miami that their Ethereum layer-2 Base blockchain will streamline KYC and AML processes through identity attestation via Ethereum Attestation service and Coinbase verification.

This verification creates a unique tag on the user’s smart wallet, accessible after completing the KYC procedure. Bassili anticipates this evolving into a KYC reliance model, simplifying the process. Over 300,000 wallets have already been attested. To grant customers with verified identities Web3 access, Base will leverage EVM networks' interoperability, supported by USDC.

Coinbase's equity stake in Circle, valued at over $28 billion, grants them the ability to mint USDC. Bassili envisions a future where robust tokenized assets enable direct asset-to-asset trading, bypassing the need to convert to dollars first, but acknowledges the regulatory and market structure challenges that must be addressed.

He sees USDC as a crucial step towards realizing this vision in the crypto market's liquid, open structure.