Coinbase said Monday that it will begin charging a fee when institutional clients make USDC to USD net conversions in excess of $75 million "per rolling 30-day period."

Conversions between $75 million and $150 million will incur a 0.1% fee, while transactions of $150 million to $500 million will see a fee of 0.15%. USDC to USD conversions over $500 million will be charged 0.2%, the company said.

Circle is the issuer of the USDC, which was last year overtaken by Tether's USDT token as the largest stablecoin by market cap.

Some clients exempt from new fees

"Coinbase Prime clients with over $500 million of assets on platform or holding on average $100 million in USD/USDC over a calendar month are exempt from USDC Conversion Fees," the company added.

Additionally, members of the Coinbase …