NVDA gained a massive 197% since our AI first added it in November - is it time to sell? 🤔Read more

Coinbase Waives Fees On Tether-To-USDC Conversion As It Urges Shift To 'Most Dependable Digital Dollar'

Published 09/12/2022, 08:06
Updated 09/12/2022, 09:10
© Reuters.  Coinbase Waives Fees On Tether-To-USDC Conversion As It Urges Shift To 'Most Dependable Digital Dollar'
USDT/USD
-
USDT/USD
-
USDC
-

Benzinga - Coinbase (NASDAQ: NASDAQ:COIN) has urged its customers to switch from Tether (CRYPTO: USDT) to USD coin (CRYPTO: USDC), billing it as the "most dependable and reputable digital dollar."

What Happened: In a blog post on Thursday, Coinbase said that USDC is fully backed with “high-quality reserves.”

The company highlighted that recent events have put a spotlight on stablecoins and expressed confidence in the USD coin as a "trusted and reputable" one. To demonstrate this trust, Coinbase announced that it is “waiving fees for global retail customers to convert USDT to USDC,” as stated in their blog post.

See More: Best Crypto Day Trading Strategies

“Customers are calling for transparency, and USDC delivers via monthly attestations by Grant Thornton LLP, one of America’s largest audit, tax, and advisory firms. Plus, eligible customers globally earn up to 1.5% APY on their USDC holdings with Coinbase,” the exchange noted.

Price Action: The apex crypto Bitcoin (CRYPTO: BTC) was trading at $17,221.07, up 2.45% in the past 24 hours, according to Benzinga Pro.

Read Next: Bitcoin, Ethereum, Dogecoin Rise Amid Risk Rally: Analyst Says Apex Crypto 'Seems Stuck In A Seesaw' Around $17K

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.