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Coinbase, the popular cryptocurrency exchange, has announced that it will now charge a fee for converting the stablecoin USD Coin (USDC) into USD. This new fee will apply to institutional clients and will be implemented in order to cover the costs associated with the conversion process. The fee was introduced in a recent post on Coinbase’s website, dated January 29, 2024.
New Fee Structure Details
The new fee structure detailed by Coinbase indicates that institutional clients making net USDC to USD conversions that exceed $75 million over a rolling 30-day period will incur a charge. Specifically, conversions between $75 million and $150 million will attract a 0.1% fee. Larger transactions between $150 million and $500 million will be subject to a 0.15% fee. Moreover, an even higher fee of 0.2% will be levied on conversions exceeding $500 million.
Exemptions and Incentives
Despite the new fees, Coinbase has outlined certain exemptions. For instance, “Coinbase Prime clients with over $500 million of assets on the platform or holding on average $100 million in USD/USDC over a calendar month are exempt from USDC Conversion Fees,” the Coinbase team stated. Furthermore, participants of the Coinbase exchange liquidity program who meet Tier 1 or Tier 2 requirements will have their USDC conversion fees waived, provided they meet their monthly requirements.
Context Behind the Change
In December 2023, Coinbase recommended that customers transfer assets from USDT to USDC, highlighting the reliability and reputation of USDC as one of the most dependable digital dollars, backed by high-quality reserves. The exchange has also facilitated this switch by waiving USDT to USDC conversion fees for most regions in the Coinbase Simple Trade trading section, easing the process for retail customers to transfer funds.
Implications for the Market
This move by Coinbase to introduce conversion fees for USDC to USD represents a significant shift in the exchange’s policy, reflecting the evolving dynamics of the cryptocurrency market. Institutional clients, in particular, will need to account for these additional costs in their operations. It remains to be seen how this will affect the use of USDC on the platform and the wider stablecoin market.
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