Coinbase expands USDC trading to 85 countries in a bid to onboard more customers

Quick Take

  • Coinbase announced today that trading of stablecoin USDC is now available in 85 countries and its crypto-to-crypto trading is live in 103 countries
  • The firm is tapping into some global markets with demonstrated interest in crypto and leveraging stablecoins as a gateway to onboard more customers
  • The global expansion will also render Coinbase a stronger rival against popular exchanges like Binance 

Coinbase has deepened its reach around the globe and is leveraging stablecoins as a gateway to onboard global investors into crypto trading. 

The San Francisco-based crypto exchange announced on Tuesday that it has added stablecoin USD Coins (USDC) trading to 85 countries and launched crypto-to-crypto trading in 50 new ones. USDC was born out of a joint venture between Coinbase and fellow exchange Circle, called the CENTRE Consortium. The company now has a presence in a total of 103 countries, where customers can access both Coinbase and Coinbase Pro, its professional trading platform. 

Coinbase's ambition for global presence is nothing new. Less than a month ago, the exchange made its crypto-to-crypto trading available in 11 more countries. Now the company is putting a new spin to its global offering by allowing USDC trading. With its price being less volatile, Stablecoin like USDC usually acts as a gateway for new investors to tap into the crypto market. Coinbase thus hopes that its USDC-crypto trading pairs can attract more people around the globe to trade the new asset class. 

"We’re welcoming more people around the world to trade between different cryptocurrencies on a trusted platform," Coinbase stated in the blog post. "This helps accelerate the global adoption of crypto trading, and with USDC, enables access to a stable store of value." 

Some of the newly enlisted countries already showed strong interest in crypto trading prior to Coinbase's entrance. For example, Turkey's fiat currency lira is ranked as the fifth most-popular fiat-to-crypto pair in the world, per CoinDesk. Meanwhile, BBC reported that Kenya's total Bitcoin transactions are worth over $1.5 million. 

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