Why are USDC fees so high?

Network fees are a crucial aspect of cryptocurrency transactions, analogous to the hustle and bustle of city streets. As the blockchain network becomes increasingly congested, the cost of processing transactions, known as "gas" fees, escalates.

To mitigate the impact of high gas fees, some users opt to wait for periods of lower network congestion or use alternative blockchains with lower fees. However, these options may not always be feasible or practical, especially for users who need to complete their transactions urgently.

USDC, a popular stablecoin, relies heavily on the Ethereum blockchain for its transactions. However, the popularity of Ethereum can also lead to its downfall, as the network becomes overcrowded and unable to handle the influx of transactions efficiently.

BTCC, a top cryptocurrency exchange, offers a range of services to help users navigate the complexities of the cryptocurrency market. Among its offerings are spot and futures trading, as well as a secure wallet for storing digital assets. By leveraging BTCC's services, users can trade and store their USDC and other cryptocurrencies with confidence and ease.

When the Ethereum blockchain experiences congestion, miners, who are responsible for verifying and adding transactions to the blockchain, often demand higher gas fees to incentivize their work. This, in turn, increases the cost of transferring USDC on the network.