Cryptocurrency exchange Coinbase said on Thursday, USD Coin (USDC) He said it will waive commission fees for sales and purchases of this stablecoin in order to encourage wider global adoption.
The company’s policy change will take effect immediately.
Coinbase Announces Decision to Support USDC Stablecoin
The following statements were used in the statement made by the company:
“Users often have to pay fees in the process of converting their local currency to USDC, and this is a barrier to wider international adoption.
The way to fix this and accelerate USDC international adoption is to establish global parity for all users.”
Coinbase’s decision to promote USDC (which the Center Consortium helped co-found) comes at a time when inflation is soaring globally and consumers in rich and poor countries are feeling the heat of rising prices.
This has led some to move their floating fiat currencies to stablecoins such as USDC, whose value is pegged to the US dollar.
Binance Recently Delisted USDC To Support Its Own Stablecoin BUSD
The move, seen as an effort to accelerate global adoption, comes after reports that USDC’s market share has plummeted in part due to pressure from Binance, which is aggressively promoting its own stablecoin as an alternative to USDC.
As it is known, the world’s largest crypto exchange Binance had delisted USDC from its exchange in order to support its own stablecoin, Binance USD (BUSD). This development also had a positive impact on the recently controversial stablecoin Tether (USDT).
Recently, the market value gap between USDC and USDT has been melting away.
*Not investment advice.
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