Poloniex Reduces To Zero Trading Fees For Bitcoin/USD Coin (BTC/USDC) In December
Users will now be able to purchase Bitcoin without fees using the Poloniex platform and the BTC/USDC trading pair. The company announced in a press release on December 1, that it has waived all the fees on the aforementioned trading pair during December. The main intention is to offer customers a better trading experience and service on the Poloniex platform. Moreover, this decision comes after the company decided to reduce fees on USD Coin trades.
USD Coin is one of the most important stablecoins in the market. It was created by Circle in order to provide a more regulated and compliant stablecoin. Tether (USDT) has been involved in different controversies generating instability in the market and on its price. Furthermore, Tether has been accused of manipulating Bitcoin prices during bear markets.
USDC has also expanded in the market with different partnerships. It has been accepted in several exchanges and the team behind it is working to continue its expansion.
The official press release reads as follows:
“Since launching in September, the USDC stablecoin has been adopted by more than 50 exchanges, protocols, platforms, applications and wallets, and trading volume has quickly surpassed 130 million.”
It is possible to acquire USDC via Coinbase or through the official site of the USDC coin.
The company took the decision to launch this stablecoin not only because Tether was having troubles, but also because the market required a new stablecoin that would help traders hedge against virtual currencies and their volatility.
Poloniex is also expecting people to provide feedback about the virtual currency and how trading without fees works. In the future, new partners and agreements can be signed by Circle and Poloniex to make USDC available to more users. At the time of writing this article, USD Coin has a market capitalization of $183 million and $176 million were transacted in the last 24 hours.
Other stablecoins launched to the market are Paxos Standard (PAX) and True USD (TUSD). Both of them aim at increasing stability in the cryptocurrency market.