Poloniex eliminates trading fees for USDC, in an effort to push more transactions on the platform.
According to a report by CCN, one of the major exchanges, Poloniex is reported to have started eliminating trading fees for USDC on their platform until the end of the month.
While it sounds a bit off, it is actually not that surprising as the exchange is under the same company of the stablecoin. The exchange was acquired by Circle last February, while USDC was issued by the company just a couple of months ago.
Although it’s not the only choice of stablecoins for traders on Poloniex platform, with USDT has been listed ever since its inception, the new no trading fee rule might stimulate the more transactions of USDC on the platform.
And as of reporting time, USDC’s 24 volume is around $3,6 million, which is still far from its market cap of over $134 million, according to Coinmarketcap.