According to Coinbase’s blog post, “As part of our mission to increase economic freedom in the world, we want to build more on-ramps for users to access USDC - our vision for the most trusted and reputable digital dollar.”
Coinbase implemented a commission-free USD Coin (USDC) trading service for non-USD currencies to encourage wider adoption of USDC.
Coinbase’s research revealed that the global adoption statistics of USDC lag behind the US. According to its blog post, users purchase three times as much USDC with USD than any other fiat currency.
Coinbase noted that the disparity in USDC trading volume is because international traders incur fees when converting USDC into their native currencies.
“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.”
To address this issue, the exchange has waived the commission fee for trading USDC for all fiat currencies except USD.
“The way to correct [the imbalance in USDC adoption] , and accelerate adoption of USDC internationally, is by establishing global parity for all users.”
It is worth noting that Coinbase co-developed USDC by forming the Centre Consortium with Circle in 2018. USDC currently has the fourth-largest market capitalization of all cryptocurrencies. It is also the second-largest stablecoin behind Tether (USDT).
