Coinbase Looking Outside The US To Grow USDC Stablecoin

San Francisco-based exchange Coinbase is building on-ramps for USDC access outside the United States in a bid to “increase economic freedom in the world.” The exchange wants to reduce barriers to using the stablecoin by establishing global parity for all users — meaning that Coinbase will remove commission fees when customers buy or sell USDC via any non-USD fiat currency on Coinbase.

This will help expand the presence of UDSC, which is already a strong stablecoin in the market. Coinbase notes that three times as much as USDC is bought with the dollar as opposed to other fiat currencies. The fees involved were usually what was stopping it from being used more often.

Coinbase has been working hard to establish a more global presence as it competes with the likes of Binance. The exchange recently secured a crypto license in Singapore, one of many that have received one which would allow them to operate in the country.

USDC has quickly become a strong stablecoin in the market and is now competing with UDST. The CEO of its issuer, Circle, has also said that the stablecoin is in its strongest financial position ever.

Stablecoin Demand Remains 

Stablecoins continue to see strong demand in the market, while many other assets are experiencing lower demand. Blockworks’ stablecoin dominance statistics show 16% dominance levels — not far from the 18% all-time high set in June 2022.

Tether’s USDT is the market’s most used stablecoin and has a market cap of $68.4 billion. USDC is behind it with a market cap of $43.9 billion. Tether is available on such networks as Algorand, Avalanche, Ethereum, EOS, Polygon, Tezos, Tron, and Solana, among others.

The USDC stablecoin itself has been seeing technical developments, such as its recent expansion to include five more networks, including layer-2 ecosystems Arbitrum and Optimism. Companies are also bringing USDC closer to Web3’s social media applications.

Source: beincrypto.com