Coinbase Pro is listing the digital stablecoin Tether “USDT”…details here
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Answer Coinbase Pro is listing the digital stablecoin Tether “USDT”…details here
Today, April 23, Coinbase Pro said that it has enabled trading of the stablecoin “USDT” on its cryptocurrency exchange.
The move is huge news, as Coinbase is one of the leading exchanges, which was only backing its own stablecoin USDC.
The announcement stated that USDT support will be generally available in Coinbase-supported jurisdictions, with the exception of New York State.
The only available version of USDT will be the ERC-20 standard for Ethereum, i.e. there are no other versions like the TRC-20 based on Tron.
Starting today, incoming transfers for USDT are now available in regions where trading is supported. Traders cannot place orders and no orders will be executed. Trading will begin on or after 6 PM PT on Monday, April 26, if the liquidity conditions are met.
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– Coinbase Pro (CoinbasePro) April 22, 2021
The platform added in Advertisement Trading will begin at 6pm PST or later on Monday, April 26th if the liquidity conditions are met.
The following pairs will be available for trading:
BTC/USDT, ETH/USDT, USDT/EUR, USDT/GBP, USDT/USD, USDT/USDC.
It is worth noting that the Tether USDT is not yet available on the regular Coinbase trading platform and is limited to the Coinbase Pro version that is more suitable for professional and institutional traders.
Tether has a market capitalization of nearly $50 billion.
The move by Coinbase Pro comes as the circulating supply of Tether is nearing an all-time high of $50 billion.
According to the Tether Transparency Report, there are currently $49.58 billion in circulation.
Of this total, nearly half, or 24.4 billion, is based on Ethereum, while nearly 26 billion are traded on the Tron blockchain.
Since the beginning of 2021, the total supply of Tether has increased by 137% which shows the increased demand for stablecoins in DeFi related activities.
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While there is about $13.4 billion in USDC in circulation, USDC has also seen a significant increase this year by 244% since January 1.
The third largest stable cryptocurrency is Binance’s BUSD, which currently has a market capitalization of 7 billion, according to Coingecko.
The digital stablecoin “BUSD” has also seen a significant increase this year, reaching 600%, largely driven by the activity of Blockchain Binance and the decentralized trading platform “PancakeSwap”.
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