US-based cryptocurrency exchange Coinbase has announced that it will not charge commission fees for USDC transactions made with fiat money.
With this move, the company wants to encourage greater global adoption of USDC.
Coinbase Highlights USDC
In a statement made by the cryptocurrency exchange, it was stated that in order to encourage greater global adoption of the stablecoin, the commission fee will be waived for sales and purchases of USDC in fiat currency.
The company’s new move took effect immediately.
“Users often have to pay a commission fee to convert their local currency to USDC. This is an obstacle to international adoption. The way to fix this and accelerate USDC international adoption is to create a global parity for all users.”
This decision, taken by Coinbase, came at a time when inflation was rising all over the world. This decision could speed up people’s conversion of their assets from fiat currency to USDC.
Latin Americans have started to increase their investments in stablecoins, according to reports. Rapidly rising inflation in the region has accelerated people’s transition from fiat money to dollar-denominated stablecoins.
