Tether’s Controversial Stablecoin, USDT, Is Launching on Coinbase Next Week
Coinbase, the largest cryptocurrency exchange in the US, is listing the stablecoin USDT.
Inbound transfers for USDT have already started on Coinbase Pro, with trading to start on April 26, Monday after 6 PM PT. Trading is supported for BTC-USDT, ETH-USDT, USDT-EUR, USDT-GBP, USDT-USD, and USDT-USDC pairs.
Support for the USD-backed stablecoin is available in the exchange’s supported jurisdictions, except for New York State. Also, USDT is not available on Coinbase.com or via its mobile apps; separate announcements will be made for the same.
While USDT is available on several blockchains, including Omni, Ethereum, EOS, Liquid, Solana, Algorand, and SLP, Coinbase only supports ERC20 USDT running on the Ethereum blockchain.
The dominant stablecoin in the market, USDT, manages more than thrice the volume recorded by Bitcoin. With a market cap of almost $52 billion, its market cap has grown from nearly $21 billion at the starting of January.
Recently, an independent firm reported that Tether Limited, the company behind USDT, is holding reserves that fully back each USDT.
Coinbase has its own stablecoin as well, USDC, which has a market cap of $13 billion which recorded a growth of 233% this year from just under $4 billion market cap at the beginning of 2021.
This latest listing comes right on the heels of Coinbase adding trading support for Ampleforth Governance Token (FORTH) and many other altcoins, especially DeFi tokens.