[ad_1]
Cryptocurrency exchanges are stepping up advertising and marketing efforts centered on dollar-pegged stablecoins, which have seen rising demand amid a pointy improve within the won-dollar trade charge, trade officers mentioned Sunday.
Whereas the benchmark KOSPI, together with commodities resembling gold and silver, has surged to historic ranges, cryptocurrencies have been broadly seen as being disregarded of the rally, leaving exchanges struggling general. In opposition to this backdrop, the latest rise within the worth of the U.S. greenback has boosted demand for stablecoins, prompting exchanges to capitalize on the development and improve buying and selling volumes.
Korbit started waiving all buying and selling charges for the dollar-pegged stablecoin USD Coin (USDC) final week. Issued by Circle, USDC is a stablecoin backed by the U.S. greenback, with every token designed to take care of a worth of 1 greenback.
Along with the charge exemption, Korbit has launched a USDC buying and selling marketing campaign that may run by way of March. Customers who file a minimum of 10 million gained ($6,900) in cumulative weekly USDC buying and selling quantity are eligible to share a reward pool totaling 25,000 USDC, with allocations various based mostly on every participant’s buying and selling quantity for the week.
Coinone is operating an identical promotion, distributing a weekly reward pool of 8,000 USDC amongst members in response to their buying and selling volumes.
Upbit and Bithumb are turning to the itemizing of recent stablecoins as a part of their progress methods. On Jan. 14, the most important and second-largest cryptocurrency exchanges added USDe, often known as Ethena USD, an artificial stablecoin created by Ethena Labs. The token is designed to take care of a one-to-one worth with the U.S. greenback with out counting on conventional banking reserves.
The 2 companies have additionally launched a spread of associated promotional campaigns aimed toward rising buying and selling volumes. Upbit, specifically, has been operating a three-round promotion since Jan. 17, providing Ethena tokens to customers who rank among the many prime merchants of USDe.
The intensifying advertising and marketing push round dollar-pegged stablecoins is essentially being pushed by the sharp rise within the won-dollar trade charge. Because the trade charge has moved greater, buying and selling exercise in dollar-based stablecoins has elevated accordingly.
Knowledge from on-chain analytics supplier CryptoQuant present that when the trade charge exceeded 1,480 gained per greenback final Wednesday, buying and selling quantity in Tether throughout the 5 main won-based exchanges climbed to 378.2 billion gained, marking a 62 p.c improve from Jan. 1.
“Exchanges are stepping up advertising and marketing amid rising curiosity in dollar-denominated stablecoins, pushed by the rising trade charge,” an official from one of many main exchanges mentioned. “Within the present market surroundings, stablecoins are seen as a option to increase buying and selling volumes and develop new income streams throughout the downturn.”
[ad_2]
