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Crypto Exchange Coinbase Waives Fees for Converting Between USDC and Fiat, Eyeing Global Audience
The company hopes the move will encourage wider global adoption of the stablecoin it helped invent.
Updated May 9, 2023, 4:00 a.m. Published Oct 20, 2022, 5:04 p.m.
Publicly traded crypto exchange Coinbase (COIN) will waive commission fees for USD coin (USDC) sales and purchases made in any fiat currency in a push to promote the wider global adoption of its stablecoin, it said in a blog post Thursday.
The company's policy change is effective immediately.
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“Users usually have to pay fees in the process of converting their local currency into USDC, and this is a barrier to broader international adoption,” the post read. “The way to correct this, and accelerate adoption of USDC internationally, is by establishing global parity for all users.”
Coinbase’s decision to promote USDC (which it issues as a co-founder of the Centre Consortium) comes at a time when inflation is on the rise globally, with consumers in rich countries and poor feeling the heat of rising prices. That has prompted some to move their volatile fiat currencies into stablecoins such as USDC, which is pegged in value to the U.S. dollar.
Read more: Latin Americans Turning to Dollar Stablecoins Amid Inflation Surge: Paxos
The push to accelerate global adoption follows reports that USDC’s market share is falling in part because of pressure from Binance, a crypto exchange that has been aggressively promoting its own stablecoin as an alternative to USDC.
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French Banking Giant BPCE to Roll Out Crypto Trading for 2M Retail Clients
The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
What to know:
- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
- The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq, with a €2.99 monthly fee and 1.5% transaction commission.
- The move follows similar initiatives by other European banks, such as BBVA, Santander, and Raiffeisen Bank, which have already started offering crypto trading services to their customers.
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