According to Coinbase, there has been less adoption of USDC in regions outside of the jurisdiction of the United States.

According to the company, one of the reasons for this is that customers who reside in regions that are not governed by US law typically want financial compensation in order to complete the process of converting the local currency of that region into USDC. This has become a barrier that must be overcome before the stablecoin can be widely adopted around the world. The cryptocurrency token, which has its value anchored to that of the United States dollar, is currently in the position of being the second-largest stablecoin in terms of market capitalization, behind only Tether.

According to what was made public by Coinbase, the use of stablecoins like USDC and others like it brings benefits to the local populace in areas where there is a demand for a cryptocurrency whose value does not fluctuate erratically. It went on to say that this would enable regular people to participate in the world of decentralized finance (DeFi). The cryptocurrency exchange that is based in the United States clarified that it has a strategy to develop additional facilities for its customers so that they can access USDC.

In addition to that, it expressed excitement about the prospect of doing away with fees for all of the customers who sell or buy the stablecoin by making use of conventional currency. Back in 2018, Coinbase worked in conjunction with Circle, a platform that specializes in payment technology, to found the Centre Consortium. This was done in order to facilitate the creation of USDC, which is now ranked in the top-two spot, just behind Tether, despite the fact that it is only the fourth-largest cryptocurrency token in terms of market capitalization.

According to Chainalysis, the use of stablecoins for remittances helps to speed up the adoption of these coins.

When compared with the conventional remittance systems that are specified for the purpose of sending value from one party to the other, the use of USDC as well as the rest of the stablecoins that are similar to this one is considered to be an alternative that is both economical and the quickest available. A report that was just recently published by Chainalysis brings to light the fact that the utilization of stablecoins for remittances is the primary driving force behind the adoption of crypto assets throughout the Latin American region.