Coinbase to levy 0.1% fee for USDC to US dollar swaps over $5M
Coinbase will soon lower the fee-free benefit of USDC to US dollar conversions to $5 million as the exchange has missed revenue expectations for two quarters running.
Coinbase will start levying a 0.1% fee for conversions of the stablecoin USDC to US dollars for net conversions above $5 million, as the crypto exchange has recently struggled with its earnings.
Starting Aug. 13, Coinbase will charge the fee on USDC (USDC) to US dollar conversions exceeding a net of $5 million on a 30-day rolling period, with the net calculated by deducting USDC purchases from USDC sales, according to a notice shared online.
It came after Coinbase’s second-quarter results, shared last week, missed on revenue and earnings, sending its shares tumbling. Its stablecoin-related revenue rose 12% year-on-year to $332 million.