Article by Coindesk: Daniel Palmer
Cryptocurrency exchange Coinbase is expanding trading in the dollar-pegged stablecoin USD Coin (USDC) to 85 nations worldwide.
In a blog post Tuesday, the firm said 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 touted the strengths of the token in the post, saying it offers a stable store of value and can be sent “near-instantly” around the globe. “Unlike other cryptocurrencies, each USDC is backed by $1 USD with monthly transparency audits showing 100% USD backing,” Coinbase said.
USDC could also help in countries where the national fiat currency is unstable, the firm 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 further committed to providing more fiat-to-crypto onramps to enable more people to make use of the stable asset.
In the same announcement, Coinbase provided an update on the number of nations it now serves. While a year ago, 32 countries had access to its services, that number now stands at 103, with 50 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 value and transact with one another … instantly, globally, securely and at low cost,” Circle said at the time.
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.
Coinbase image via Shutterstock