Coinbase Requests Customers to Change USDT for USDC

“The events of the past few weeks have put some stablecoins to the test and weve seen a flight to safety,” Coinbase said in a blog article accepted for publication Friday morning Asia time. “We believe that USD Coin (USDC) is a trusted and reputable stablecoin.”

Coinbase said beginning today it's going to waive fees for worldwide retail clients to transform USDT to USDC. Coinbase is a co-founder of USDC. On-chain statistics reveals that USDT is the 3rd most popular trading digital money on Coinbase, going to represent 5% of the quantity on the exchange, where it presently transacts for 99 cents.

Weeks after the FTX economic meltdown, Tether (USDT) was dragged off its rack and bartered as cheap as 93 cents. The large percentage of trading pairs on transactions have brought back to $1, but the CoinGecko report indicates that it persists to trade at 99 cents on certain pairs at Binance.

In late September, Tether was first ordered by a U.S. judge in New York to generate financial documents pertaining to the support of USDT. This is distinct from the lawsuit even before New York Supreme Court that's requesting for the New York Attorney General to publish information it collected in its inquiry into Tethers deposits.

Lately Binance has quit funding USDC, auto-converting client assets out of its own stablecoin BUSD.

Coinbase Blog: Switch to the trusted and reputable digital dollar: USDC

Coinbase outlines queries regarding Tether reserves in advertisement to get consumers across to USDC Coinbase since it is waiving the conversion service charges.

According to the blog, at Coinbase, they are centered on stabilization and trust. The announcement signifies one move on that path - allowing worldwide clients to convert USDT to USDC and without any service charges. Coinbase assures that they will continue working to offer their clients safe, held to account ways of keeping and growing their crypto.

As a reminder, WikiBit is ready to help you search the qualifications and reputation of projects in a bid to protect you from hidden dangers in this risky industry!

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