Cryptocurrency exchange Coinbase will now offer crypto-to-crypto trading for dollar-pegged stablecoin USD Coin (USDC) to 85 nations worldwide, as per a blog post on Tuesday,
In these countries, the USDC will be offered through both its retail site Coinbase.com and its Coinbase Pro service. Touting the strengths of the token the post elaborates that USDC offers a stable store of value and can be sent “near-instantly” around the globe. Coinbase stated:
“Unlike other cryptocurrencies, each USDC is backed by $1 USD with monthly transparency audits showing 100% USD backing.”
The firm suggested USDC could aid countries who are facing instability with their fiat currency. Coinbase added:
“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.”
The firm further committed to providing more fiat-to-crypto onramps, in order to enable more people to make use of a stable asset. The same announcement further updates on the number of nations it now serves. A year ago 32 countries have had access to its services, a number that now stands at 103, with 50 announced today.
Launched last autumn, USDC is 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. Circle said at the time.
“Crypto assets and blockchain technology will enable us to exchange value and transact with one another … instantly, globally, securely and at low cost.”
In February, Coinbase soft-launched a service that uses USDC and XRP as a means to make “fast and free” international payments. And earlier today, the exchange said it was opening up XRP trading for residents in New York state.
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