Spread for USDC/EUR on Nash - why so high?

Hi guys,

recently I noticed that the spread for the USDC quote for Euro is pretty high. I can transfer my money by USDC currently locked at the rate of 0,85€ per USDC. But the coins in my wallet have a USDC value of currently 0,82€. This is a spread of more than 3,5%!

I can understand that the spread is used as a kind of security for the volatility, since it sometimes takes a few days until the money is transferred from the personal bank to nash bank, but the USD/EUR doesn’t experience such volatility within few days that a 3,5% spread is justified.

So can you explain me this huge gap in the ask and bid price you are offering there?

Best regards

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Just checked the app again and it has been fixed - now in-line with the global rate (€0.83). Not sure why it was inaccurate, with it being two weeks since €0.85 was the going rate

Hi Matt,

thanks for the response and the adjustment in the app. The thing is that I lost 600€ since it bought USDC worth of 25.000€. Now I only have a net worth of USDC with approximately 24.400€.

I guess Nash bought the USDC at the rate of 0.83€ since it was the spot rate that time. Will you adjust the difference in my wallet? In the end the profit lays in your balance right now.

Best regards

If you contact support, I’m sure they will make it right as it was an error on Nash’s part. Live chat is available if you’d prefer that to e-mail.

I’m just a community member btw - let us know how you get on

Thanks, didn’t know you are just a member. I’ll contact them very soon.

Best wishes

I’m not sure if it was an error on the side of Nash. I’ve noticed that the value of usdc fluctuates, for example. It’s pegged to a dollar, but sometimes it’s a cent above or below, what might have contributed to the spread as well.

I’m not sure though!