Coinbase, one of the industry’s largest cryptocurrency firms, published a blog post telling users to “switch to a trusted and reputable digital dollar,” referring to the stablecoin asset usd coin. The company’s blog post specifically mentions the exchange of the stablecoin asset to the usd coin, and the firm offers “zero fees” to exchange the two tokens.
Coinbase Offers Users Zero Fees To Switch From Tether To Usd Coin, Crypto Community Questions Motivate
On Thursday, December 8, 2022, Coinbase shared a new blog post and he tweeted statement: “Switch to a reliable stablecoin: usd coin (USDC). Now convert tether (USDT) to USDC with zero commission.” The company’s blog post provides more details as it notes that customers can exchange tether (USDT) for usd coin (USDC) “with zero commission.” The blog post notes that a recent The events of the past few weeks have shaken the credibility of the cryptocurrency industry.
“The events of the past few weeks have tested some stablecoins and we’ve seen a flight to safety,” Coinbase’s blog post explains. “We believe in it [usd coin] (USDC) is a trusted and reputable stablecoin, so we’re making it even more hassle-free: starting today, we’re waiving USDT to USDC conversion fees for global retail customers.”
Coinbase’s comments gave cryptocurrency advocates the feeling that the blog post was indirectly questioning Tether’s stablecoin, the largest existing stablecoin asset by market cap today. “Shots were fired. Bang bang,” a Twitter account known as Autism Capital he answered To Coinbase’s tweet on the subject. A number of other cryptocurrency advocates disagreed with Coinbase’s statements. Vaneck’s strategy consultant Gabor Gurbacs said people are more likely to choose USDT.
Gurbacs, “Tether was the first stablecoin in the world and has been trusted by millions of people around the world since its inception” he said In response to Coinbase’s tweet on Thursday. “In fact, if you ask a small group of people outside of the United States, they would choose to connect over USDC,” Gurbacs said.
Twitter account known as Byzantine General he wrote: “Not a good look. It also seems desperate. Makes me trust the USDC a little less.” Decentralized finance (defi) platform operators Curve Finance found a humorous silver lining in the situation on the defi platform’s Twitter account. he tweeted:
Yeah, let’s go back and forth really often. I love this.
The announcements from Coinbase follow the recent automatic conversions from USDC to BUSD on Binance and Wazirx. Additionally, the market price of USDC has fallen significantly over the past few months. The market value of USDC reached a high of more than 56 billion nominal USD in June 2022.
Today USDC market cap is 23.57% lower at $42.80 billion. However, Tether’s market cap has also fallen significantly, falling from more than 83 billion nominal US dollars to today’s $65.86 billion. Tether’s market cap reached a high of $83 billion in April 2022 and is now down 20.65% as of December 9, 2022.
What do you think of Coinbase’s recent announcement regarding the transition from tether to usd coin? Let us know what you think about this topic in the comments section below.
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