Coinbase said Monday that institutional customers will begin charging fees. USDC
+0.04%
Conversions between $75 million and $150 million will incur a 0.1% fee, while transactions between $150 million and $500 million will incur a 0.15% fee. USDC to USD conversions over $500 million are subject to a 0.2% fee.
Circle is the issuer of USDC, which was overtaken by Tether’s USDT token last year as the largest stablecoin by market capitalization.
Some customers will be exempt from the new fee.
“Coinbase Prime customers who hold more than $500 million in assets on the platform or an average of $100 million USD/USDC per month are exempt from USDC conversion fees,” the company added.
Additionally, Coinbase Exchange Liquidity Program members who “qualify as Tier 1 or Tier 2” will be exempt from USDC conversion fees for each month they qualify.
“Coinbase is committed to innovating our product offerings and listening to user feedback to help us achieve our business goals while delivering the premium experience our customers expect,” a company spokesperson said.
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About the author
RT Watson is a senior reporter at The Block, covering a variety of topics including US-based companies, blockchain games, NFTs, and more. He previously covered entertainment for The Wall Street Journal, writing about Disney, Netflix, Warner Bros. and the creator economy, focusing primarily on technological disruption across media. Previously, she covered corporate, economic and political news in Brazil at Bloomberg. She interviewed a variety of figures for RT, including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers, and convicted criminals. She holds a Master’s degree in Digital Sociology.