Today Coinbase announced Project Diamond, its tokenization solution for native digital assets. In November it issued a debt instrument on the platform in preparation for its entry into the Abu Dhabi Global Market (ADGM) RegLab sandbox. It aims to comply with regulations and “unlock institutional adoption”. The platform is being built by Coinbase Asset Management and it’s calling for partners.
The debt instrument was a short-term discount note denominated in the USDC stablecoin.
In terms of technologies, it uses the layer-2 Coinbase blockchain Base, the stablecoin it co-founded USDC, the Coinbase Web3 wallet and the Coinbase Prime custody solution.
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