Coinbase, one of the oldest exchanges, was founded in 2012 and has a dedicated fanbase. The exchange has also been shown to be the pioneer in opening the door for many crypto enthusiasts.
Stablecoins have a devoted following of their own. USDC, USDT, and BUSD appear to be maintaining their leadership positions. Nevertheless, Binance just made the decision to remove all USD currencies from its list, including the USDC, TUSD, and USDP. The deposits were also automatically changed to BUSD by the exchange.
The market share of USDC then decreased as Binance accounted for the majority of USDC volume. Coinbase recently announced that it will offer commission-free trading, extending its support for USDC.
Coinbase implements move to improve USDC global access
The adoption of USDC has been lower outside the US, according to Coinbase. It emphasizes that the hefty costs consumers must pay for the conversion of their local currency are the primary cause of this. Coinbase has introduced commission cost transactions in an effort to lower this hurdle and increase global usage.
Along with Circle, Coinbase is one of the co-founders of USD. Stablecoins, such as the USDC, offer significantly more stability and accessibility, than the exchange notes in its release.
“Coinbase will waive commission fees when customers buy or sell USDC via any fiat currency on Coinbase, from AUD to ZAR.“
Since USDC’s value is tied to the US dollar, it experiences far less volatility than the erratic cryptocurrency market. Many even think of stablecoins as a backup means of storing wealth since that inflation has affected every country on the planet.
Additionally, stablecoins have shown to be a far superior method of transferring money. This is primarily because international money transfers can now be done more quickly, cheaply, and securely.
Coinbase is adamant that USDC and other stablecoins will become a more integral part of the future web3 ecosystem’s fiat on-ramp. Users who own USDC can engage with cutting-edge new dApps in sectors including trade, insurance, saving, lending, and borrowing since USDC is a reliable medium of exchange in these domains.
Many of the most intriguing and cutting-edge apps being created inside DeFi are powered by USDC, which has become one of the most widely used stablecoins.