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Gungun Bhatia
Dec 9, 2022
by Gungun Bhatia

Crypto Exchange Coinbase Urges Users to Change USDT to USDC

Coinbase USDT to USDC

Table of contents

  1. Conversion of USDT to USDC
  2. Trading of Tether
In an effort to demonstrate the strength of the reserves behind Circle-owned USD Coin (USDC), Coinbase is eliminating the processing costs for anyone who intends to move to a trusted stablecoin (USDT to USDC).

Conversion of USDT to USDC

In a blog post posted today, Coinbase claimed that the recent events had put certain stablecoins to the test and caused a flight to safety. The exchange further stated that USD Coin (USDC) is a reliable and trustworthy stablecoin. Starting today, Coinbase would no longer charge fees for worldwide retail clients to transfer USDT to USDC.

USDC was co-founded by Coinbase. According to on-chain statistics, USDT is presently trading for 99 cents on Coinbase and is the third most actively traded digital currency there, accounting for 5% of the trading volume.

Trading of Tether

Tether (USDT) lost its peg a few days after the FTX crash and fell as low as 93 cents. Although CoinGecko data indicates that it still trades at 99 cents on select pairings at Binance, the majority of trading pairs on platforms have reverted to $1.

A U.S. judge in New York issued a request to Tether in late September for financial data pertaining to the support of USDT. This is not related to the litigation now pending before the New York Supreme Court, which requests the release of records obtained during the investigation of Tether's reserves by the New York Attorney General.

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Crypto Exchange Coinbase Urges Users to Change USDT to USDC
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

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