Coinbase, a prominent cryptocurrency exchange, announced on Monday that it will implement fees for institutional clients engaging in USDC to USD net conversions exceeding $75 million within a rolling 30-day period.
For conversions falling between $75 million and $150 million, Coinbase will apply a 0.1% fee. Transactions ranging from $150 million to $500 million will incur a 0.15% fee, while conversions surpassing $500 million will be subject to a 0.2% fee.
The issuer of USDC is Circle, and last year, Tether’s USDT token surpassed USDC as the largest stablecoin by market capitalization.
Coinbase clarified that certain clients will be exempt from the new fees. Coinbase Prime clients holding over $500 million in assets on the platform or maintaining an average of $100 million in USD/USDC over a calendar month will not be charged USDC Conversion Fees. Members of the Coinbase Exchange Liquidity Program, qualifying for Tier 1 or Tier 2, will also be exempt whenever they meet their monthly eligibility criteria.
A Coinbase spokesperson stated, “Coinbase is committed to innovating our product offerings and listening to user feedback to ensure we deliver the premium experience that our customers expect while also driving our business goals.” This move signifies Coinbase’s efforts to balance user expectations and business objectives through ongoing product enhancements.
