Coinbase has announced the launch of a new developer tool aimed at simplifying wallet creation and enhancing technical capabilities in light of new laws supporting self-custody in the U.S.
Launch of Developer Tool
Coinbase has introduced a new tool called Embedded Wallets, available through the Coinbase Developer Platform (CDP). This tool provides developers access to the infrastructure that will be used for Coinbase's forthcoming decentralized exchange. The tool offers users rewards in USDC, a stablecoin issued by Circle, with the opportunity to earn 4.1% APY on balances held in wallets.
Support for New Crypto Laws
The current launch of the tool coincides with the recent passage in the U.S. of bills such as the GENIUS Act and the CLARITY Act. These laws establish regulation for the digital economy, support self-custody rights, and reflect the growing attention to decentralized finance. The CLARITY Act guarantees users' rights to hold cryptocurrencies without intermediaries, a vital aspect for the development of DeFi and peer-to-peer transactions.
Prospects for Self-Custodial Wallet Use
Fabian Dori, Chief Investment Officer at Sygnum Bank, suggests that the new laws create opportunities for innovations in financial services. He emphasizes that providing clarity in regulation allows organizations and issuers to develop new applications that not only meet current customer needs but also create demand for entirely new services.
Thus, the launch of the new developer tool by Coinbase aligns with significant legislative changes that may greatly influence the future development of self-custodial wallets and decentralized finance solutions.
