Coinbase to charge fees on USDC to USD conversions over $75 million

Coinbase has announced that it will now charge fees on USDC to USD conversions that exceed $75 million within a 30-day period. The fee structure will vary based on the conversion amount, with a 0.1% fee for conversions between $75 million and $150 million, a 0.15% fee for transactions between $150 million and $500 million, and a 0.2% fee for conversions over $500 million. This move comes as Tether’s USDT token has overtaken USDC as the largest stablecoin by market cap. However, certain clients will be exempt from these fees, including Coinbase Prime clients with more than $500 million in assets on the platform or an average of $100 million in USD/USDC holdings over a month. Members of the Coinbase Exchange Liquidity Program who qualify for Tier 1 or Tier 2 will also be exempt from these conversion fees when they meet their monthly eligibility requirements. Coinbase states that they are committed to product innovation and providing a premium user experience while still meeting their business goals.