NEW: Coinbase Announces Trading In USDC Stablecoin In 85 Countries
Cryptocurrency exchange Coinbase is increasing trading in the dollar-pegged stablecoin USD Coin (USDC) to 85 nations worldwide.
In a post on Tuesday on their blog, the firm announced it now offers crypto-to-crypto trading for USDC in those countries on both its retail siteCoinbase.comand its Coinbase Pro service.
The firm stated the power of the token in the post, saying it offers a stable store of value and can be sent near-instantly around the globe. Unlike the other cryptocurrencies, each USDC is backed by a $1 USD with a monthly transparency audits displaying 100% USD backing,” the firm said.
USDC could also help in countries where the national fiat currency is shaky, the firm coinbase suggested :
“For new customers in countries like Argentina and Uzbekistan, where consumer prices are expected to inflate by 10–20% in 2020, stablecoins like USDC could provide an opportunity to protect against inflation.”
It Is further bent on providing more fiat-to-crypto onramps to enable more people to make use of the stable asset.
On the same post, Coinbase gave an update on the number of nations it now serves. While a year ago, 32 countries had access to its services, that number stands now at 103, with 50 countries announced today.
USDC was launched last autumn by a group of firms including crypto finance startup Circle. The CENTRE consortium developed the coin as a means to easily transfer value on public blockchains.
“Crypto assets and blockchain technology will enable us to exchange and transact value with one another … instantly, globally, securely and at a low price,” Circle said at the time.
Coinbase soft launched a service that uses USDC and XRP in February as a way to make international payments fast and free. And earlier today, the exchange said it was opening up XRP trading for New York state residents.