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Coinbase Rolls Out Trading in USDC Stablecoin to 85 Countries
Coinbase is expanding crypto-to-crypto trading in USD Coin, a dollar-pegged stablecoin, to a host of nations.
Updated Sep 13, 2021, 9:12 a.m. Published May 14, 2019, 3:01 p.m.
Cryptocurrency exchange Coinbase is expanding trading in the dollar-pegged stablecoin USD Coin (USDC) to 85 nations worldwide.
In a blog post Tuesday, the firm said it now offers crypto-to-crypto trading for USDC in those countries on both its retail site Coinbase.com and its Coinbase Pro service.
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The firm touted the strengths of the token in the post, saying it offers a stable store of value and can be sent "near-instantly" around the globe. "Unlike other cryptocurrencies, each USDC is backed by $1 USD with monthly transparency audits showing 100% USD backing," Coinbase said.
USDC could also help in countries where the national fiat currency is unstable, the firm suggested.
Coinbase said:
"For new customers in countries like Argentina and Uzbekistan, where consumer prices are expected to inflate by 10–20% in 2020, stablecoins like USDC could provide an opportunity to protect against inflation."
It further committed to providing more fiat-to-crypto onramps to enable more people to make use of the stable asset.
In the same announcement, Coinbase provided an update on the number of nations it now serves. While a year ago, 32 countries had access to its services, that number now stands at 103, with 50 announced today.
USDC was launched last autumn by a group of firms including crypto finance startup Circle. The CENTRE consortium developed the coin as a means to easily transfer value on public blockchains.
“Crypto assets and blockchain technology will enable us to exchange value and transact with one another … instantly, globally, securely and at low cost,” Circle said at the time.
In February, Coinbase soft launched a service that uses USDC and XRP as a means to make “fast and free” international payments. And earlier today, the exchange said it was opening up XRP trading for residents in New York state.
Coinbase image via Shutterstock
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