Coinbase Pro Accepts USDT
- Coinbase Pro will accept USDT from Monday
- The controversial stablecoin will be available in most jurisdictions, except New York State
- Coinbase said that Tether only “claims to hold reserves that fully back each USDT”
Coinbase Pro users will soon be able to deposit and trade USDT in a boost to the reputation of the much-criticized stablecoin. The exchange, which is making headlines due to the poor performance of its COIN listing on the Nasdaq, made the announcement on Thursday, with trading to start on Monday. The listing of USDT shows that Coinbase for one is no longer concerned by the regulatory issues surrounding USDT issuer Tether, who in February settled with the Office of the Attorney General (OAG) to end the case against itself and owner iFinex.
Coinbase: Tether “Claims” to Back Each Token
In its announcement, Coinbase stated that support for USDT would “generally be available in Coinbase’s supported jurisdictions, with the exception of New York State”. The exclusion of New York is the result of the condition of the OAG ruling which banned Bitfinex and Tether from operating in the state. Trading will start on Monday, Coinbase added, when there is enough liquidity with USDT pairs to do so.
Tether’s market cap stands at $30 billion, and Coinbase added that “the company behind the (Tether) protocol is responsible for holding reserves that fully back each token” and that “Tether Limited…claims to hold reserves that fully back each USDT.” Of course, Tether has famously still not adequately proved the backing of all these 30 billion USDT tokens, although this should be clarified in the next few weeks as Tether produces its first transparency report for the AOG.
ERC-20 Version Only
Annoyingly for supporters of cheap and fast transactions, USDT into Coinbase Pro will only run on the Ethereum network, which is particularly frustrating as there are now multiple Tether networks to choose from which don’t need you to mortgage your house in order to push it through.
Originally published at https://fullycrypto.com on April 24, 2021.