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.