In a move to support the adoption of USDC, the Circle issued dollar-based stablecoin, Coinbase (NASDAQ:COIN) has waived commission fees when buying or selling USDC via any fiat currency on Coinbase, “from AUD to ZAR.”
USDC is the second largest stablecoin by market cap after Tether and the 4th largest crypto in the world.
Coinbase was part of the group that co-founded the Centre Consortium in 2018 in order to develop USDC. Since that time, Coinbase states its belief in stablecoins has increased as a vital part of DeFi.
“Today, USDC powers many of the most exciting and innovative applications being developed within DeFi, and has been adopted as one of the most popular stablecoins within the blockchain ecosystem, with a market capitalization that has grown 150x in 3 years.”
Coinbase notes that USDC is “stable by design,” fluctuating little in price and backed by stable reserves with transparent disclosures.
The company adds that stablecoins are the cheapest and fastest way to transfer value in comparison to the legacy banking system, where a payment or transfer can take days. Transferring USDC typically takes place in under one hour.
As the ongoing debate regarding CBDCs [Central Bank Digital Currencies] appears to be shifting over to privately issued stablecoins as a better consumer option, USDC is well-positioned for growth – far beyond utilization on Coinbase.
