In line with a recent official ‘web-blog post‘ published, renowned U.S. based cryptocurrency exchange and wallet service provider ‘Coinbase’ has expanded its USDC [USD Coin] trading to customers in 85 additional countries.
Along with the USDC ‘announcement‘, Coinbase conjointly declared a significant international expansion, listing 50 additional jurisdictions to its coverage, together with such countries as Brazil, South Africa and Taiwan, among others.
Coinbase would now be serving customers in 103 countries in total, the exchange added, stating that this move can assist in accelerating the global adoption of cryptocurrency trading.
USD Coin is the primary stablecoin listed for trading on Coinbase platform, the exchange first listed USDC back in Oct. last year for the buyers within selected jurisdictions in Unites States.
By expanding USDC coverage in 85 different international jurisdictions, Coinbase aims to “improve the lives of individuals in countries where inflation is depleting wealth,” per the web-blog post. The firm added that the stablecoins alike USDC might offer a chance to protect against high inflation in newly added countries like Argentina and Uzbekistan, where consumers prices are expected to inflate by 10% to 20% in 2020.
Earlier this month, a startup backed by Coinbase, Reserve, declared that it’d soon be launching a Venmo-style app in Venezuela for crypto-fiat payments, specifically targeting the country so as to assist citizens get round this rising inflation.
A ‘stablecoin‘ is a digital currency designed to possess a least worth volatility in the ratio of its 1:1 peg to a certain fiat currency or cryptocurrency holding. At the reporting time, there are 348 Mln USDC circulating with a daily commerce volume of about $250 Mln, as per ‘CoinMarketCap‘.