Share this article
Crypto Exchange Coinbase Asks Users to Switch USDT for USDC
Coinbase highlights questions about Tether reserves in campaign to get users over to USDC
By Sam Reynolds
Updated May 9, 2023, 4:04 a.m. Published Dec 9, 2022, 5:13 a.m.
Make us preferred on Google
Coinbase is waiving the conversion fees for users who 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."
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Coinbase said starting today it's waiving fees for global retail customers to convert tether 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, 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 USDT continues to trade at 99 cents on some pairs at Binance.
In late September, the issuing company, Tether, was ordered by a federal court 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 (where CoinDesk is a party to the proceedings) that's asking for the New York Attorney General to release documents it gathered in its investigation into Tether’s reserves.
Recently, Binance has stopped supporting USDC, auto-converting customer holdings into its own stablecoin BUSD.
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Mesh becomes unicorn, raises $75 million for crypto payments infrastructure
The investment round was led by Dragonfly Capital and included participation from Paradigm, Moderne Ventures, Coinbase Ventures and SBI Investment.
What to know:
- Cryptocurrency payments network Mesh acquired unicorn status with a $75 million Series C funding round that valued the company at $1 billion.
- The fund raise, coupled with the ceremonial significance of Mesh acquiring unicorn status, may demonstrate confidence in crypto infrastructure projects despite a relatively depressed market.
- Mesh said part of the $75 million raise was settled using stablecoins to demonstrate that is infrastructure is "ready for high stakes, real-world use."
Top Stories
