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 site Coinbase.com and 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.