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Cryptocurrency Exchange Coinbase Asks Users to Convert USDT to USDC


Coinbase is waiving conversion fees for users who want to switch to “trusted stablecoins” in a new campaign highlighting the quality of the USD Coin (USDC)-backed reserves owned by Circle.

“The events of the past few weeks have put a number of stablecoins to the test, and we have seen a flight to safety,” Coinbase said in a blog post published Friday morning Asia time. . “We believe USD Coin (USDC) is a trusted and reputable stablecoin.”

Coinbase said that starting today, it will be free for global retail customers to convert USDT to USDC.

Coinbase is the co-founder of USDC.

On-chain data shows that USDT is the third most widely traded digital asset on Coinbase, accounting for 5% of the volume on the exchange, where is it currently trading? for 99 cents.

A few days after the crash of FTX, Tether (USDT) was kicked out of the fixed and traded at as low as 93 cents. The majority of trading pairs on exchanges have returned to the $1 level, even though CoinGecko data shows that it continues to trade at 99 cents on some pairs at Binance.

At the end of September, Tether was ordered by a US judge in New York to provide financial records related to supporting USDT. This is separate from lawsuit before the Supreme Court of New York that is asking the New York Attorney General to release documents they gathered during the investigation into Tether’s reserves.

Recently Binance has stopped supporting USDCautomatically converts customer holdings into its own stablecoin BUSD.

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