Twelve new companies are joining the ecosystem for USD Coin (USDC) and we are removing fees for the redemption of USDC.
This follows last week’s announcement that Circle and Coinbase co-founded the CENTRE Consortium, a joint venture aimed at establishing a standard for fiat on the internet and providing a governance framework and network for the global, mainstream adoption of stablecoins. Customers can tokenize dollars into USDC and redeem USDC into dollars through both Circle and Coinbase, making USD Coin the industry’s first open, fungible and interoperable fiat stablecoin.
Also, as of November 5th, Circle will no longer charge fees from customers redeeming USDC into US Dollars, making tokenization and redemption even smoother flows for the ecosystem.
Coinbase is one of about 50 companies that have embraced USDC just weeks after it was introduced. Dozens of exchanges, protocols, platforms, applications and wallets supported USDC on the day it was introduced in September and the number of new supporters continues to grow.
BitMart, Bit-Z, DDEX, FCoin, Gatecoin, Hanbitco, Hotbit, QCP Capital and SWFT Blockchain are the latest exchange and trading services to make USDC available for trading. Nexo, a crypto loans provider, will soon add USDC as an option in which clients can receive their loans. Finally, wallet providers BitKan and Tokenary now allow their customers to safely store and use USDC to interact with various services.
USDC trading volume on exchange platforms, including Circle activity, continues to grow, with the circulating supply now surpassing 125 million, bolstered by interest in a more transparent and compliant USD token from market participants.