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Cryptocurrency exchange Coinbase will charge a fee for converting the stablecoin USD Coin ($USDC) into USD.
According to a Jan. 29 post on the exchange’s website, the cryptocurrency platform will charge a fee when institutional clients make net $USDC to USD conversions over $75 million “over a rolling 30-day period.”
Conversions between $75 million and $150 million are subject to a 0.1% fee, while transactions between $150 million and $500 million are subject to a 0.15% fee.
The exchange team emphasized that there will be a 0.2% fee for converting $USDC into US dollars worth more than $500 million.
“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.”
Coinbase team
Additionally, Coinbase exchange liquidity program participants “who meet Tier 1 or Tier 2 requirements” will have $USDC conversion fees waived whenever they meet their monthly requirements.
In December 2023, Coinbase encouraged customers to transfer assets from $USDT to $USDC. The platform team explained that the past few weeks’ events have put some stablecoins to the test, while $USDC is one of the most reliable and reputable digital dollars, fully backed by high-quality reserves.
However, the exchange has waived $USDT to $USDC conversion fees for most regions in the Coinbase Simple Trade trading section to make it easier for retail customers to transfer funds.