Bittrex Global Announces Zero-Fee Trading on EUROC and USDC Markets

Bittrex Global customers can now trade EUROC and USDC without incurring trading fees, thanks to the exchange’s partnership with the stablecoins issuer Circle. Bittrex Global CEO Oliver Linch revealed the offer will end on August 28.

The CEO explained that Bittrex Global’s collaboration with Circle enables them to provide customers with a compelling way to access stablecoins that are regulated, bolstering the exchange’s commitment to innovation and security.

What is USDC?

Stablecoin is a crypto asset intended to maintain a stable value. The coin is usually pegged to another asset, like a commodity or fiat currency. As for USDC, it is pegged to the United States dollar (USD). The stablecoin is the second-largest in this category. According to Congecko, USDC has a market capitalization of $34.4 billion.

The Circle’s stablecoin encountered troubles when the banking crisis began. USDC lost its peg on March 12 after its issuer announced that some cash reserves of the stablecoin were stuck in the now-fallen Silicon Valley Bank. That led to USDC hitting its new all-time low of $0.87. However, the coin is now trading at its expected price of $1.

As part of the partnership, Bittrex Global agreed to list EUROC, the Circle’s Euro-backed stablecoin. Launched last year, EUROC joins over 500 cryptocurrencies available for trade on the exchange.

Commenting on the alliance, Circle’s Vice President Joao Reginatto said that allowing access to fully-backed crypto assets such as USDC and EUROC provides Bittrex Global users with a safe and regulated pathway to explore various opportunities for financial services made possible by blockchain technology.

Meanwhile, Michael Mouradian, Bittrex Global’s Director of Digital Assets and Markets, praised Circle for spearheading digital currency innovation for close to a decade. Mouradian added that the stablecoin issuer’s values, like transparency, stability, and trust, are parallel to those of Bittrex Global.

Bittrex Global Anticipates More Activity Following the Offer Announcement

With no other popular exchange offering zero-fee trading on USDC and EUROC pairs, the Bittrex Global management hopes the offer will help fuel activity in its platform. The exchange has seen $12.5 million in trading volume over the past 24 hours.