Coinbase, one of the world’s biggest cryptocurrency exchanges, in looking to promote the global adoption of Circle-issued stablecoin USD Coin (USDC), has decided to waive commission fees when using the asset.
Coinbase Remove Fees for USDC
In the wake of the declining market cap and adoption of Circle’s stablecoin by cryptocurrency users, Coinbase has announced new policy changes aimed at increasing the global adoption of the USDC stablecoin.
According to Coinbase, the low adoption of USDC in countries outside of the U.S. has been much lower, which it attributes to the fees users are required to pay in order to convert their local currencies into USDC.
Coinbase is looking to establish “global parity for all users and accelerate the adoption of USDC internationally”. As such, Coinbase has now removed commission fees when buying or selling USDC via any non-USD fiat currency.
Coinbase comes to USDC’s aid
Despite USD Coin (USDC) being the second largest stablecoin by market capitalization with $43.9 billion, its market share has been dwindling. Over the last 30 days, the market cap of USDC has dropped by more than $6 billion.
Part of the USDC’s struggle can be linked to the growing competition from Binance. In an aggressive move to endorse its own BUSD stablecoin, Binance has delisted and converted all USDC balances on the exchange to BUSD.
On the Flipside
- To further improve the adoption of its USDC, Circle has announced the upcoming launch of the stablecoin on five blockchains: Polkadot, Near, Optimism, Arbitrum, and Cosmos.
Why You Should Care
The decision from Coinbase is intended to help the USDC gain momentum, as the no-commission policy is bound to attract more global users to the asset.
Read about USDC’s expansion into other blockchains:
USDC Will Integrate With Decentralized Social to Bring Web3 to The Masses
Some exchanges have committed to delisting USDC. Find out more:
Binance To Delist USD Coin (USDC), And Convert USDP, TUSD Into Binance USD (BUSD)
