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Coinbase Reports USDC Lacks Expansion Outside of The U.S.

According to the exchange, a stablecoin can be purchased for three times more than other fiat currencies....
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According to the exchange, a stablecoin can be purchased for three times more than other fiat currencies.

Coinbase, a cryptocurrency exchange based in the United States, claims that USD Coin adoption has been more conservative outside the United States. This is due to international currency conversion fees.

The exchange stated in an Oct. 20 statement that there are currently three times more USDC purchased with U.S. Dollars than other currencies.

“Currently, USDC can be bought for 3 times more than non-USD currencies. This is partly due to the fact that users outside the US have to pay fees to convert their local currency into USDC. This is a barrier for wider international adoption.

Tether, the U.S. dollar-pegged cryptocurrency, is currently ranked second in terms of market capitalization.

Coinbase stated that it believes the utility of stablecoins such USDC is beneficial to residents in countries that require a currency that doesn’t fluctuate, is easily accessible, and provides access to decentralized financing (DeFi).

According to the exchange, it plans to build more on-ramps to allow users to access USDC. It will waive fees for customers who purchase or sell USDC in any fiat currency.

Coinbase and payments technology company Circle formed the Centre Consortium to Develop USDC in 2018. It is currently the second-largest stablecoin after Tether, and fourth-largest cryptocurrency by market capitalization.

Stablecoins like USDC can be used to send value between parties at a lower cost and quicker rate than traditional remittance systems. Chainalysis recently reported that stablecoins are being used for remittances. This is a major factor in Latin America’s crypto adoption.

Coinbase’s latest move is part of an effort to increase USDC adoption. In September Circle announced that it would rollout the stablecoin on five additional blockchains, including Near, Optimism and Cosmos.

Felipe Rodriguez

Felipe Rodriguez

Felipe states he has super powers, some argue that case but he does come up with some very clear predictions. Felipe is based in the US and frequently travels to Brazil where he was born. He is a journalist of the future and has a portfolio of crypto projects he has worked with. Felipe always says "The future doesn't scare me as much as the past, crypto is here to stay but only time will tell where it will take us".
Felipe Rodriguez

Felipe Rodriguez

Felipe states he has super powers, some argue that case but he does come up with some very clear predictions. Felipe is based in the US and frequently travels to Brazil where he was born. He is a journalist of the future and has a portfolio of crypto projects he has worked with. Felipe always says "The future doesn't scare me as much as the past, crypto is here to stay but only time will tell where it will take us".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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