Coinbase Considers New Fees for USDC to USD Conversions Amid Revenue Challenges
Main Idea
Coinbase will introduce a 0.1% fee for USDC to USD conversions exceeding $5 million starting August 13, as part of efforts to address revenue challenges.
Key Points
1. Coinbase's new fee structure applies to USDC to USD conversions above $5 million, with fees ranging from 0.05% to 0.2% depending on the amount.
2. The exchange missed revenue expectations for two consecutive quarters, reporting $1.5 billion in Q2 against an expected $1.56 billion to $1.59 billion.
3. Stablecoin-related revenue increased by 12% year-on-year to $332 million.
4. The new fees may deter users from large-scale conversions and impact USDC's market dynamics, particularly for those converting USDT to USDC before off-ramping to USD.
5. Coinbase aims to enhance profitability with this fee structure, though it could reshape user behavior regarding USDC conversions.
Description
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