Both Coinbase.com and Pro Now Support USDT, “Making Arbitrage Across Exchanges Faster”
For now, Coinbase only supports ERC20 USDT. The total USDT market supply meanwhile surges past 52 billion, up 147% so far this year.
- Coinbase Pro is officially starting the trading of USDT.
- The exchange is providing support for six pairs viz. BTC-USDT, ETH-USDT, USDT-EUR, USDT-GBP, USDT-USD, and USDT-USDC.
- Along with this came the announcement that Coinbase.com is now also supporting USDT.
On Monday, the exchange said that the popular stablecoin will now be available on the main Coinbase platform along with its iOS and Android apps.
“Coinbase customers can now buy, sell, convert, send, receive, or store USDT,” said the exchange. USDT is available in all the supported regions except for New York State.
At this time, the exchange only supports ERC20 USDT running on the Ethereum blockchain, clarified Coinbase as USDT is issued on several blockchains including Tron, EOS, Liquid, Algorand, Solana, and other blockchains.
As of writing, nearly $27 billion USDT is issued on the Tron blockchain compared to almost $26 billion on Ethereum, as per the Tether website.
The total supply of the dominant stablecoin in the market has currently climbed past $52 billion, up 147% so far this year, as per CoinGecko.
According to Paolo Ardoino, the CTO of crypto exchange Bitfinex and its sister company Tether, the largest crypto exchange in the US supporting USDT is of importance because of arbitrage.
“Traders arb across multiple exchanges,” and speed of transfer and low friction are key to that, he noted.
Launched in 2014, Tether was created exactly for this use case, making arbitrage across exchanges faster, he said. Now, after seven years, “all exchanges will be all tethered by a common, high liquidity stablecoin.”
While the dominance of USDT is gradually decreasing in the market as more and more competitors like USDC and BUSD gain traction, Ardoino points out that it is still 4x the second biggest stablecoin USDT with a market cap of just under $15 billion, up 277% YTD. He added,
“Tether and Bitfinex are setting up a massive strategy (including spin-offs and investments) that will open mind-blowing opportunities for the next decade, and this might well be an understatement.”