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The Chilean exchange for bitcoin (BTC) and other cryptocurrencies, Buda.com, added the stablecoin USD Coin (USDC) to its catalog of digital assets. Since yesterday, August 24, local operators, as well as those of Argentina, Colombia and Peru, can already trade with the stable currency on their exchange platform.
The cryptoasset, which is tied 1: 1 to the United States dollar and backed by Coinbase and Circle, is the first of its kind on Buda.com. This option represents an alternative for those traders seeking protection against possible episodes of volatility. In addition to USDC, the exchange also offers support for BTC, ethers (ETH), bitcoin cash (BCH), and litecoin (LTC).
USDC subscriptions on Buda.com are free. That is, any merchant can send funds without paying fees. In the case of withdrawals, users will have to honor a commission of 5 USDC at the time of settlement, as reported by the exchange on its website. The cost applies to the four South American countries in which the company maintains operations.
These are the fees that Chilean users must pay in case of withdrawing funds from the exchange house. Subscriptions are exempt. Source: Buda.com
In relation to the rates for trading within the platform, these vary according to the type of order and volume traded. For instant sales and purchases the commission is 1.2%. In the case of advanced exchanges, the rates are variable and range from 0.2% to 0.8%.
Choosing a backed stablecoin
Regarding the launch of the exchanges with USDC, Guillermo Torrealba, CEO of Buda.com, explained that the company took this step due to the analysis they carried out on the stablecoin. One of the main concerns of the company was to adopt a stable currency that was sufficiently supported.
“After months of in-depth market analysis, we decided to implement the USDC stablecoin, a currency created by Circle and Coinbase, on our platform. These are two regulated companies in the United States that meet all the auditability, liquidity and, above all, projection conditions, “the executive clarified through a press release.
The stablecoin chosen by Buda.com is an ERC-20 type token that runs on the Ethereum network. At the time of publishing this article, USDC is the eighth most important cryptocurrency on the market, by its market capitalization. According to CoinGecko figures, USDC exhibits a total of $ 27 billion.
By tokenizing the dollar with USDC, Buda.com traders can operate in various ways, for example: by sending remittances, exchanging their cryptocurrencies for money in the local currency of Chile, Argentina, Colombia or Peru, making investments and protecting themselves against possible drops in the market.
CriptoNoticias recently reported that Buda.com was implementing a new system for sending and receiving remittances. The solution is a company bet for faster transactions through the Bitcoin Lightning network.