The world's largest stablecoin (USDT) is now available on Coinbase
Tether (USDT), is now available to general users on the NASDAQ-listed cryptocurrency exchange Coinbase.
Coinbase, the leading remote cryptocurrency exchange in the US, announced the news in a blog post on Tuesday, May 4. Tether (USDT) is now supported on Coinbase.com and the Coinbase apps for Android and iOS, where users can buy, sell, convert, send, receive, or store USDT.
USDT trading on Coinbase Pro also started on Monday, May 3. On April 23, it announced that USDT trading on Coinbase would begin on Monday, April 26, if liquidity conditions were met. Coinbase Pro delayed the launch from late April to Monday, May 3, citing issues related to its application programming interface (API).
While Coinbase Pro is for traders, the availability of USDT on Coinbase means that general users can now also buy, sell, and store stablecoins on Coinbase.
Tether (USDT) is currently the largest stablecoin with a market capitalization of $ 52 billion. It is also the sixth largest crypto asset with a 2.29% market dominance. The company behind the stablecoin, Tether Limited, claims to have reserves that fully support every USDT.
USDT is a USD-linked stablecoin available on various blockchains that aims to hold the same value as the US dollar.
It is currently available on Ethereum, Tezos, Tron, EOSIO, and Liquid, a Bitcoin sidechain. To date, the largest market for USDT is in Ethereum. Therefore, Coinbase noted that it only supported the Ethereum-based version of USDT. With the exception of some jurisdictions, including New York, USDT trading will be available in all regions covered by the exchange.
Coinbase became the first cryptocurrency exchange to go public on the NASDAQ stock exchange through direct listing on April 14. After that milestone, Coinbase is making new moves to impress the public.
As Crypto Economy reported, last week, the exchange also added support for PayPal on its platform in an ambitious expansion as more and more traditional financial giants embrace the space. With this, its users in the United States can now easily buy cryptocurrencies through their Paypal accounts.
The next day, April 30, the crypto exchange announced that it had acquired the popular real-time analysis for crypto derivatives, Skew. Details of the deal have not been disclosed, but it is expected to close in the second quarter of 2021. Skew will integrate with Coinbase Prime, the exchange's main institutional brokerage platform.