Coinbase introduced a slew of new products for its Singaporean users as part of its global expansion strategy. This includes USDC order books for advanced trading, free SGD purchases of USDC, and incentives for holding USDC.
In the blog published on May 16, the exchange launched no-fee USDC purchases with SGD [Singapore’s official currency]. Here Users can now earn rewards for holding USDC on Coinbase.
Additionally, USDC order books are accessible on advanced trading, enabling users to exchange more than 200 assets for the stablecoin.
The selection of USDC was made in order to satisfy the needs of people looking for less volatile solutions to start or continue their cryptocurrency journey.
The stablecoin, which was created to be tied to the US dollar, has also been widely adopted for trading in pairs with other digital currencies on exchanges.
In addition, the exchange made it possible to stake ETH, SOL, ADA, ATOM, and XTZ. This is done to draw investors who can make passive income while improving the security and effectiveness of a network.
Just the other day, Coinbase temporarily halted the rewards payout for its ETH staking service due to a minor technical issue.
“The issue has been identified. We are working on a fix to resolve within the next 48-72 hours to resume staking reward payouts”, the firm wrote in the post.
The exchange was in the limelight recently after its request for a rulemaking petition was turned down by SEC who argued that there are already adequate laws in place.
Coinbase and SEC Bitter Legal Tussle
In its response to the exchange’ Mandamus petition, the commission defended its enforcement action against Coinbase and others saying, “Agencies routinely enforce existing rules while considering further amendments to regulatory requirements.”
The commission’s latest response came after Third Circuit ordered the regulator to respond to Coinbase’s second Writ of Mandamus within 10 days.
On April 24, the trading firm filed a narrow action in federal court to compel the SEC to respond yes or no to its July 2022 petition.
The July 2022 petition asked that the SEC “propose and adopt rules to govern the regulation of securities that are offered and traded via digitally native methods,” referring to digital assets like cryptocurrencies.