United States-based cryptocurrency exchange Coinbase says the adoption of USD Coin (USDC) has been “more conservative” outside of the U.S., which it believes is a result of international currency conversion fees.

In an Oct. 20 statement, the exchange said there is currently three times more USDC bought with U.S. dollars as compared to other currencies.
In part this is because, outside of the US, users usually have to pay fees in the process of converting their local currency into USDC, and this is a barrier to broader international adoption.”
The U.S. dollar-pegged cryptocurrency is currently the second-largest stablecoin by market capitalization under Tether (USDT).

Coinbase said it sees the utility of stablecoins such as USDC benefitting residents in countries requiring a coin that doesn’t fluctuate in value, is highly accessible and gives access to decentralized finance (DeFi).
The move by Coinbase is the latest in efforts to increase the adoption of USDC, in September, Circle announced it would roll out the stablecoin across five additional blockchains including Polkadot, Optimism, Near, Arbitrum and Cosmos.
Source: Cointelegraph
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