Coinbase exchange has just launched crypto trading in 50 more countries, supporting a total of more than 100 countries. In addition, the exchange has also added support for the stablecoin USD Coin (USDC) across 85 countries on its Coinbase retail and Coinbase Pro platform.
In its official announcement, Coinbase espoused the benefits of USDC. Apart from the usual benefits that stablecoins bring to the table, Coinbase stated that each USDC is backed by $1 USD with monthly transparency audits showing 100% USD backing. It also said that there are more than 300 million USDC in circulation today, supported by over 100 partners.
In addition, it added that in countries such as Argentina and Uzbekistan which are facing high inflation rates, stablecoins like USDC could provide an opportunity to protect against inflation. Coinbase is also working with its partners like Airtm, through their investing arm Coinbase Ventures, to increase access to fiat payment rails.
Last month, Coinbase had launched crypto-to-crypto trading in 11 countries, including India.
(Image Credit: Coinbase Blog)