Cryptocurrency exchanges are stepping up advertising and marketing efforts centered on dollar-pegged stablecoins, which have seen rising demand amid a pointy enhance within the won-dollar alternate fee, business officers mentioned Sunday.
Whereas the benchmark KOSPI, together with commodities such as gold and silver, has surged to historic ranges, cryptocurrencies have been extensively considered as being omitted of the rally, leaving exchanges struggling general. Towards this backdrop, the current rise within the worth of the U.S. dollar has boosted demand for stablecoins, prompting exchanges to capitalize on the development and enhance 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. dollar, with every token designed to keep a price of 1 dollar.
As well as to the charge exemption, Korbit has launched a USDC buying and selling marketing campaign that may run by March. Customers who report at the very least 10 million received ($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 the same promotion, distributing a weekly reward pool of 8,000 USDC amongst individuals in accordance 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 biggest and second-largest cryptocurrency exchanges added USDe, additionally recognized as Ethena USD, an artificial stablecoin created by Ethena Labs. The token is designed to keep a one-to-one worth with the U.S. dollar with out counting on conventional banking reserves.
The 2 companies have additionally launched a variety 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 high merchants of USDe.
The intensifying advertising and marketing push round dollar-pegged stablecoins is basically being pushed by the sharp rise within the won-dollar alternate fee. Because the alternate fee has moved greater, buying and selling exercise in dollar-based stablecoins has elevated accordingly.
Information from on-chain analytics supplier CryptoQuant present that when the alternate fee exceeded 1,480 received per dollar final Wednesday, buying and selling quantity in Tether throughout the 5 main won-based exchanges climbed to 378.2 billion received, marking a 62 % enhance from Jan. 1.
“Exchanges are stepping up advertising and marketing amid rising curiosity in dollar-denominated stablecoins, pushed by the rising alternate fee,” an official from one of many main exchanges mentioned. “Within the present market surroundings, stablecoins are seen as a method to increase buying and selling volumes and develop new income streams throughout the downturn.”
