Coinbase Lists Two Non-Dollar Stablecoins to Pursue Local Onboarding

Core Insights - Coinbase is launching two new non-dollar stablecoins based on the local currencies of Singapore and Australia to encourage global onboarding [1][2][4] - A consumer sentiment survey indicates that 70% of local consumers in these countries are interested in non-dollar stablecoins, suggesting a significant market opportunity [1][5] - The new stablecoins, AUDD and XGSD, are fully backed by fiat collateral and aim to cater to both institutional clients and retail traders [6][7] Expansion Strategy - The introduction of local currency stablecoins is part of Coinbase's broader expansion strategy, which includes advancements in AI and deeper integration with traditional finance [2][4] - By listing these stablecoins, Coinbase anticipates a growing trend towards assets based on fiat currencies other than the US dollar [3][4] Market Potential - Singapore and Australia are identified as key markets for stablecoin expansion, with Coinbase already having established partnerships in Australia [6] - The successful implementation of these stablecoins could reveal a previously untapped market for local currency stablecoins [5]