Recommended
Coinbase Encourages Users to Switch USDT for USDC
2022/12/09By:
Coinbase wants customers to use its own stablecoin USD Coin (USDC) instead of Tether (USDT).
Coinbase is waiving the conversion fees for users that wish to switch to a “trusted stablecoin” in a new campaign that highlights the quality of reserves that back Circle-owned USD Coin (USDC).
“The events of the past few weeks have put some stablecoins to the test and we’ve seen a flight to safety,” Coinbase said in blog post published Friday morning Asia time. “We believe that USD Coin (USDC) is a trusted and reputable stablecoin.”
Coinbase said starting today it’s waiving fees for global retail customers to convert USDT to USDC.
Coinbase is a co-founder of USDC.
On-chain data shows that USDT is the third-most widely traded digital asset on Coinbase, representing 5% of the volume on the exchange, where it currently trades for 99 cents.
Days after the FTX collapse, Tether (USDT) was knocked off its peg and traded as low as 93 cents. The majority of trading pairs on exchanges have returned to $1, though CoinGecko data shows that it continues to trade at 99 cents on some pairs at Binance.
In late September, Tether was ordered by a U.S. judge in New York to produce financial records relating to the backing of USDT. This is separate from the lawsuit before the New York Supreme Court that’s asking for the New York Attorney General to release documents it gathered in its investigation into Tether’s reserves.
Lately, crypto exchange Binance has stopped supporting USDC, auto-converting customer holdings into its own stablecoin, BUSD.
Read More:
Wild Cash App by Hooked Protocol: Answer Quiz to Earn $HOOK
Hooked Protocol Price Prediction: How High Will HOOK Coin Go?
Hooked Protocol: Everything You Need to Know
Metamask Airdrop – To Get $MASK Token For Free?
Gasoline Price Prediction 2022,2030: What Will It Be In Next Five Years?
LUNA Classic Burn: Will LUNC Burn Its Supply?
Terra LUNA 2.0 vs. Luna Classic (LUNC): What Are the Differences?
Luna Classic Price Prediction: Will Luna Classic Reach $1?
When Will Pi Coin Launch: Pi Network Phase 4 Release Date
Is Pi Network Legit Or Scam: Pi Coin Real Or Fake?
ADA Cardano Price Prediction 2025, 2030
XLM Price Prediction: How High Can XLM Go in 2030?
HBAR Price Prediction 2022, 2025, 2030
Quiz Answers to “A Beginner’s Guide to Buying and Selling Crypto via Binance P2P”
How to Stake LUNC: Everything You Need to Know
What Is PoW Ethereum (ETHW)? Your Ultimate Guide
Best Bitcoin Casino Free Spins No Deposit 2022
![](/mask.png)
Register now to begin your crypto journey
Download the BTCC app via App Store or Google Play
Follow us
Scan to download
- Terms & Agreement
Quick Links
Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. All trading involves risks, so you must be cautious when entering the market.
The world’s longest-running cryptocurrency exchange since 2011 © 2011-2024 BTCC.com. All rights reserved