Coinbase will start levying a 0.1% fee for conversions of the stablecoin USDC to US dollars for net conversions above $5 million, as the crypto exchange has recently struggled with its earnings.
Starting Aug. 13, Coinbase will charge the fee on USDC (USDC) to US dollar conversions exceeding a net of $5 million on a 30-day rolling period, with the net calculated by deducting USDC purchases from USDC sales, according to a notice shared online.
It came after Coinbase’s second-quarter results, shared last week, missed on revenue and earnings, sending its shares tumbling. Its stablecoin-related revenue rose 12% year-on-year to $332 million.
It marked two consecutive quarters that the company had missed analyst expectations, as its Q1 revenue also came in lower than expected.
Coinbase “running an experiment”
“I don’t love the precedent here,” Bankless co-founder Ryan Sean Adams said in an X post sharing Coinbase’s update. “What…
