Coinbase Removes 80 Non-USD Trading Pairs As Part Of Liquidity Improving Measures

Cryptocurrency exchange Coinbase COIN announced the removal of 80 non-USD trading pairs. It includes pairs with Bitcoin, stablecoins like Tether, and traditional currency like Euro.

The pairs were removed from the Coinbase exchange and other platforms like Advanced Trade and Coinbase Prime.

The exchange notes that these markets account for an insignificant portion of its overall trading volume. The impact on users would be minimal.

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Traders may continue trading these assets through USDC USDC/USD unification and using USDC balances for trading in both USD or USDC order books.

In mid-September, the exchange took to removing 41 non-USD markets for similar reasons.

Coinbase in both steps halted trading of multiple USDT-containing trading pairs and none included USDC, a stablecoin co-developed by Coinbase and Circle.

Based on cryptocurrency market data provider CCData, Coinbase’s Q3 spot trading volumes plunged 52% since 2022 while Binance also witnessed a drop in its spot market share dominance falling from 55% in early 2023 to 34% in September. Falling volumes also lead cryptocurrency exchanges to adopt these steps.

Also Read: Coinbase Global's Challenging Q3 Preview: Analyst Expects Trading Volume To Slump 49%

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