Coinbase Launches Zero-Fee USDC Trading in Singapore
• Coinbase has begun offering zero-fee USDC trading for users in Singapore.
• The initiative followed a survey showing an increasing level of crypto adoption.
• Coinbase will reward customers if they hold the stablecoin in their Coinbase accounts.
Survey on Crypto Adoption
Coinbase conducted a survey with YouGov to study responses from 2,000 adult participants. The results indicated that almost a third of all participants reported owning or having owned crypto in the past, and there was significant adoption among young adults. However, respondents above 30 were more likely to make higher-value trades. According to the survey, 25% of surveyed Singaporeans consider crypto as the future of finance, which is on par with the US and higher than 17% reported in the UK. The study also showed that volatility was a major impediment to new entrants into crypto markets.
Zero-Fee USDC Trading Offered by Coinbase
In response to this data, Coinbase announced zero-fee USDC trading for its Singapore customers through deposits made with Singapore Dollar. This move expands Coinbase’s already existing zero-fee fiat deposits for Singapore users. In addition to this, Coinbase will reward customers who hold the stablecoin in their Coinbase accounts.
Crypto Regulation Remains Uncertain
The initiative comes at a time when regulation surrounding cryptocurrencies remains uncertain due to regulatory uncertainty within the United States and other countries around the world. The SEC recently urged court to reject Coinbase’s demand for regulatory clarity over cryptocurrency assets such as Bitcoin and Ethereum, making it increasingly difficult for exchanges like Coinbase to operate freely under current regulations and restrictions placed upon them by governments around the world.
Conclusion
Coinbase’s decision to offer free USDC trading is part of an effort by both it and other exchanges worldwide to make access easier to stable assets such as USDC while also encouraging wider adoption of cryptocurrencies among consumers globally despite ongoing uncertainty surrounding regulation of digital assets across different jurisdictions worldwide.