Stablecoin

USDC

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/circle-adjusts-usdc-withdrawal-fees-to-address-market-competition/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Circle Adjusts USDC Withdrawal Fees to Address Market Competition</a><br></p>
<p style="text-align: justify">Stablecoin provider Circle has increased USDC withdrawal fees for the second time this year. According to Bloomberg, users seeking rapid withdrawals will incur additional fees for transactions exceeding $2 million daily.</p>
<h2 style="text-align: justify" id="updated-fee-structure">Updated Fee Structure</h2>
<p style="text-align: justify">Circle continues to implement the tiered withdrawal options introduced in February. The standard withdrawal plan imposes a 0.1% fee on withdrawals exceeding $15 million.</p>
<p style="text-align: justify">While standard withdrawals are processed almost instantly, basic withdrawals can take up to two business days to complete. Circle has registered all customers under the standard plan, making the transition to the basic plan subject to manual approval.</p>
<h2 style="text-align: justify" id="new-fee-rates">New Fee Rates</h2>
<p style="text-align: justify">With the updated fees, standard withdrawals will incur charges of 0.03% for amounts between $2 million and $5 million, and 0.06% for amounts between $5 million and $15 million. Sources speaking to Bloomberg expressed concerns that these fees added in September could reduce USDC’s attractiveness in trading.</p>
<p style="text-align: justify">Recently, Circle generated $136 million in fee revenue over the past 30 days, positioning itself among the top-earning on-chain businesses. In contrast, competitor <a href="https://en.coin-turk.com/tether-promotes-paolo-ardoino-to-ceo-position-in-a-major-step-forward/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Tether</a> earned $400 million during the same period and charges a fixed fee of 0.1% on withdrawals exceeding $100,000.</p>
<h2 style="text-align: justify" id="market-share-competition">Market Share Competition</h2>
<p style="text-align: justify">USDC’s market share has decreased from 31% in February to 20% now. This decline relates to traditional financial players entering the stablecoin market and the increase in alternative stablecoin options. During the same period, Tether (<a href="https://en.coin-turk.com/tether-increases-bitcoin-reserves-amid-market-uncertainty/" data-wpel-link="internal" rel="noopener noreferrer nofollow">USDT</a>) increased its market share from 52% to 70%.</p>
<p style="text-align: justify">The new fees highlight the challenges USDC faces in a competitive market. Due to rising fees, some users may turn to alternative stablecoins.</p>
<p>The post <a href="https://en.coin-turk.com/circle-adjusts-usdc-withdrawal-fees-to-address-market-competition/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Circle Adjusts USDC Withdrawal Fees to Address Market Competition</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.</p>

Circle Adjusts USDC Withdrawal Fees to Address Market Competition

Table of Contents

COINTURK NEWS

Other articles published on Oct 30, 2024

BRICS Nations Expected to Drive Bitcoin Adoption, Says VanEck

Emerging Cryptos: PEPE, WIF, FLOKI, POPCAT, SUNDOG Price Analysis

XRP News: Chris Larsen Labels Kamala Harris as Key Pro-Crypto Candidate

Rollblock’s Utility Token Surges Ahead as XRP and SUI Face Market Uncertainty

Most Searched Cryptos on GeckoTerminal Today – Ethervista, Peng, MSTR2100, Kendu Inu

Telegram Growth Hub Launch: $10M Fund to Boost TON Ecosystem

Join our free newsletter for daily crypto updates!