USDC to replace USDT on Coinbase

Key points:

• Coinbase announced that starting today, it will waive USDT to USDC conversion fees for retail customers around the world.
• Coinbase is the co-founder of USDC.
• On-chain data shows that USDT is the third most traded digital asset on Coinbase, accounting for 5% of the exchange’s trading volume, and is currently trading at 99 cents.
• In late September, Tether was ordered by a U.S. judge in New York to produce financial documents related to USDT backing. 
• Recently, Binance stopped supporting USDC and automatically converted customer holdings into its own stablecoin, BUSD.

Coinbase is waiving conversion fees for users looking to switch to a “trusted stablecoin” in a new campaign that highlights the quality of the reserves backing 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 a blog post-Friday morning, according to Asia Time. “We believe USD Coin (USDC) is worth Trusted and reputable stablecoin.”

Coinbase announced that starting today, it will waive USDT to USDC conversion fees for retail customers around the world.

Coinbase is the co-founder of USDC.

On-chain data shows that USDT is the third most traded digital asset on Coinbase, accounting for 5% of the exchange’s trading volume, and is currently trading at 99 cents.

Days after FTX crashed, Tether (USDT) lost support and traded as low as 93 cents. Most trading pairs on the exchange have recovered to $1, although CoinGecko data shows that some of their trading pairs on Binance continue to trade at 99 cents.

In late September, Tether was ordered by a U.S. judge in New York to produce financial documents related to USDT backing. This is separate from the New York Supreme Court lawsuit, which ordered the New York Attorney General to release documents he collected while investigating Tether reserves.

Recently, Binance stopped supporting USDC and automatically converted customer holdings into its own stablecoin, BUSD.