Crypto exchange giant Coinbase has begun offering zero-fee USDC trading for users in Singapore. The initiative followed a survey showing an increasing level of crypto adoption.
Coinbase announced the feeless USDC trading for its Singapore customers in a statement issued on May 16. Users will now be able to buy USDC stablecoin using Singapore Dollar deposits. This move expands Coinbase’s already existing zero-fee fiat deposits for Singapore users.
Apart from zero-fee USDC trading, Coinbase says it will reward customers if they hold the stablecoin in their Coinbase accounts.
The free USDC trading offer comes amid positive results from a survey conducted by Coinbase in Singapore. The exchange partnered with YouGov to study responses from 2,000 adult participants. Almost a third of all participants reported owning or having owned crypto in the past.
The survey also indicated significant adoption among young adults. However, respondents above 30 were more likely to make higher-value trades. A previous study stated that women and the younger demographic were leading crypto adoption in the country.
According to the survey, Coinbase stated that crypto adoption in Singapore had reached significant levels at par with global benchmarks.
“The study we commissioned revealed that 25% of surveyed Singaporeans consider crypto as the future of finance, a percentage on par with the US, and higher than the 17% reported in the UK.”
Coinbase also added that crypto volatility was a major impediment to new entrants. Hence, the company’s decision to simplify access to a stable asset like USDC.