Coinbase urged customers to transfer assets into its USDT stackcoin

To simplify the transition to the cryptocurrency it co-founded, the cryptocurrency exchange has waived the Tether to USD Coin conversion fee for retail customers

Crypto-exchange Coinbase urged its customers to transfer assets from USDT to USDC. The platform said in a statement that events over the past few weeks have put some Stablecoin to the test, while USDC is one of the most trusted and reputable digital dollars, fully backed by high-quality reserves.

USD Coin (USDC) was launched with Coinbase in 2018. Stablecoin is managed by the Centre consortium, which was founded by Circle, the issuer of USDC. The consortium includes the Coinbase exchange and the Bitmain mining company and hardware manufacturer.

The coin ranks second among Stablecoins by market capitalization at $42.8 billion, with Tether (USDT) in first place at $65.7 billion, according to CoinGecko.

To make it easier for retail customers to transfer funds, the exchange waived USDT to USDC conversion fees for most regions in the Coinbase Simple Trade section. Coinbase Advanced Trade, Prime and Exchange services will apply standard fees, it said.

In early September, cryptocurrency exchange Binbase announced that it would stop supporting USD Coin Stablecoin (USDC), USDP (USDP) and TrueUSD (TUSD). Users’ balances in these currencies were converted to the exchange’s own BUSD Stablecoin.

Tags: Coinbase, USDC