Coinbase Rolls Out Trading in USDC Stablecoin to 85 Countries

Cryptocurrency exchange Coinbase is expanding trading in the dollar-pegged stablecoin USD Coin to 85 nations worldwide.

In a blog post Tuesday, the firm said it now offers crypto-to-crypto trading for USDC in those countries on both its retail site Coinbase.com and its Coinbase Pro service.

"Unlike other cryptocurrencies, each USDC is backed by $1 USD with monthly transparency audits showing 100% USD backing," Coinbase said.

USDC could also help in countries where the national fiat currency is unstable, the firm suggested.

"For new customers in countries like Argentina and Uzbekistan, where consumer prices are expected to inflate by 10-20% in 2020, stablecoins like USDC could provide an opportunity to protect against inflation."

In the same announcement, Coinbase provided an update on the number of nations it now serves.

While a year ago, 32 countries had access to its services, that number now stands at 103, with 50 announced today.

USDC was launched last autumn by a group of firms including crypto finance startup Circle.

In February, Coinbase soft launched a service that uses USDC and XRP as a means to make "Fast and free" international payments.

Earlier today, the exchange said it was opening up XRP trading for residents in New York state.