Coinbase Says USD Coin Adoption Outside Of the US Has Been Conservative
Coinbase, a crypto exchange based in the United States, states that its local token USD Coin is showing less progress outside the jurisdiction of the country. The platform considers that this has been caused by the charges implemented over the conversion of international currency. In a statement issued on 20th October, the exchange mentioned that the amount of USDC purchased with US dollars is 3 times bigger than the other currencies.
Coinbase Says USDC Shows Less Adoption out of the Jurisdiction of the United States
According to the firm, a reason for this is that outside the US jurisdiction, the consumers normally require recompensing charges for the procedure of converting the native currency thereof into the USDC. This has become a hindrance in the way of the stablecoin’s adoption across the globe. The crypto token – which is pegged to the United States dollar – is presently in the position of the 2nd-biggest stablecoin in terms of market capitalization after Tether.
As disclosed by Coinbase, the use of USDC and other such stablecoins benefits the citizens in the regions where there is a requirement for a token that does not fluctuate in its value. It added that this would let the common masses enter the world of decentralized finance (DeFi). The U.S.-based crypto exchange clarified having a strategy to develop additional facilities for their consumers to reach the USDC.
In addition to that, it expressed enthusiasm to eliminate the charges for the entirety of the clients who sell or purchase the stablecoin via the utilization of traditional currency. Coinbase, back in 2018, collaborated with Circle (a payment technology platform) to establish the Centre Consortium for the creation of USDC which has now occupied the top-2nd rank coming after Tether while it is categorized as the 4th-biggest crypto token in case of market capitalization.
Stablecoins’ Use for Remittances Speeds up Their Adoption, Says Chainalysis
USDC as well as the rest of the stablecoins like this are categorized as an economic as well as the most rapid alternative in comparison with the conventional remittance systems specified for sending value from one to the other parties. Chainalysis has recently published a report bringing to the front that the stablecoins’ usage for remittances is the chief driving force at the back of the adoption of crypto assets throughout the Latin American region.
Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.
