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Reading: New Fees for Users! Circle Increases USDC Withdrawal Costs
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Deythere > News > News > New Fees for Users! Circle Increases USDC Withdrawal Costs
News

New Fees for Users! Circle Increases USDC Withdrawal Costs

Circles increased USDC withdrawal fees. The image should feature USDC and fee related symbols such as dollar signs and ris
Ezeudo Nwosu
Last updated: October 30, 2024 12:53 pm
By
Ezeudo Nwosu
Published October 30, 2024
2 Min Read
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Circle, the stablecoin provider for USDC, has raised its withdrawal fees for the second time this year. According to Bloomberg, users looking to make expedited withdrawals over $2 million daily will face additional charges.

Contents
  • Updated Fee Structure
  • New Fee Rates
  • Market Share Battle

Updated Fee Structure

The tiered withdrawal options introduced by Circle in February remain in place. Under the standard plan, a fee of 0.1% applies to withdrawals over $15 million. While standard withdrawals are processed nearly instantly, basic withdrawals can take up to two business days. Circle has registered all customers under the standard plan, with a manual approval process required for those opting into the basic plan.

New Fee Rates

The updated fees apply to standard withdrawals as follows: 0.03% for amounts between $2 million and $5 million, and 0.06% for amounts between $5 million and $15 million. Sources speaking to Bloomberg raised concerns that these added fees, introduced in September, could reduce USDC’s appeal in transactions.

Circles increased USDC withdrawal fees focusing on symbols of USDC and fee escalation. The image should include icons like

Circle recently reported earning $136 million in fee revenue over the past 30 days, ranking it among the highest-earning on-chain businesses. Rival Tether earned $400 million in the same period, applying a flat 0.1% fee on withdrawals over $100,000.

Market Share Battle

USDC’s market share, which was at 31% in February, has now dropped to 20%. This decline correlates with traditional finance players entering the stablecoin market and an increase in alternative stablecoin options. Meanwhile, Tether (USDT) has grown its market share from 52% to 70%. Circle’s new fees highlight the challenges USDC faces in a competitive market. As fees rise, some users may be prompted to explore alternative stablecoins.

For more insights on the latest trends in stablecoin markets, visit Dey There for updates on how providers like Circle and Tether adapt to market shifts.

Circle, USDC, withdrawal fees, Tether, stablecoin market

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ByEzeudo Nwosu
Ezeudo Nwosu is a blockchain and cryptocurrency professional with over 8 years of experience in the industry. With a background in software engineering, Ezeudo has been at the forefront of developing innovative blockchain solutions that address key challenges in various sectors. His work includes leading blockchain integration projects and advising on the creation of decentralized applications (dApps). Ezeudo is recognized for his deep technical knowledge and his ability to translate complex blockchain concepts into practical applications. At DT NEWS, he offers expert insights into the latest developments in blockchain technology and cryptocurrencies, helping readers stay informed about the future of digital finance.
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