Coinbase shakes up stablecoin offering to entice large FX traders

[Churphans]

Coinbase is looking to draw in big traders in the foreign exchange world through an expansion of its stablecoin services.
In an announcement that went relatively unnoticed, Coinbase said it updated pricing for nine stablecoin pairs. The update allows users of its Coinbase Pro platform to trade pairs — such as DAI-USD and USDT-GBP — at no cost if they are adding liquidity and at one basis point if they are taking liquidity.
The exchange expects to add more pairs in the future. Previously traders were charged 50 basis points to make and take liquidity in stable pairs.
Still, the move reflects a broader strategy shift by Coinbase to capitalize on the explosion of the stablecoin market. It could also help Coinbase break into the FX market, which saw more than $6.6 trillion in daily volumes in 2019.
It makes sense given the state of the market. The share of traded volume denominated by stablecoin USDT, the largest in the market, hit nearly 67%, up from 6.8% in June 2017.source