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Stablecoin race sees Poloniex removing USDC trading charges in attempt to boost volume

Stablecoin race sees Poloniex removing USDC trading charges in attempt to boost volume
Nov 9, 2018 by Rico Wise

Poloniex is one of the dominant alternative digital currency exchanges that was bought by Circle back in February. Prior to the acquisition, Circle mainly targeted dominant digital currencies against their fiat pairings, but with Poloniex coming into Circle’s play, it received the chance to interact with more currencies, launching its own version of stablecoin in September to challenge USDT and GUSD tokens, with the latter being launched almost at the same time. The idea behind these so-called stablecoins is to facilitate cryptotraders’ denomination of their digital currencies without engaging in conversion of digital currency to fiat, including possession of tokens linked to the USD with more or less certainty.

USDC has already been included by Coinbase cryptoexchange, and, of course, on their freshly acquired exchange, Poloniex. Now, those who want to obtain and deal USDC on Poloniex are more motivated to do so, because now Circle has made the decision to incentivize the utilization of the token via removal of trading fees for the USDC token on Poloniex, at least until December.

Poloniex clients are already exchanging two iterations of BCH currency for USDC token. Additionally, Poloniex offers the USDC/USDT trading pair. Currently, Poloniex clients have to dollar-pegged digital currencies at their disposal. It remains unknown if Poloniex will include the tether token indefinitely, but it was listed on the exchange from its launch, when Poloniex turned into a big exchange supporting more than just alternative currencies.

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