Coinbase Pro is adding support for Tether (USDT) stablecoin on the Ethereum
The largest crypto exchange in the U.S announced late Thursday that its Coinbase Pro trading platform allowing investors to deposit the largest by market capitalization immediately and to begin trading next week.
“Starting immediately, we will begin accepting inbound transfers of USDT to Coinbase Pro. Trading will begin on or after 6PM Pacific Time (PT) Monday April 26, if liquidity conditions are met. Please note that Coinbase only supports ERC-20 USDT”, the Coinbase’s blog said.
“Once sufficient supply of USDT is established on the platform, trading on our BTC-USDT, ETH-USDT, USDT-EUR, USDT-GBP, USDT-USD and USDT-USDC, order books will launch in three phases, post-only, limit-only and full trading. If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time or suspend trading as per our Trading Rules”, the announcement said.
As the largest stablecoin, USDT serves as integral plumbing for the $2 trillion global cryptocurrency market, allowing traders to easily shift dollars between exchanges in order to capture arbitrage opportunities.
Since October 2018, Coinbase has partnered with Circle to launch USDC Coin with the ambition to topple USDT’s dominance, indeed, USDC currently has a market cap of $ 11 billion, with the market cap second only to USDT ($ 51.8 billion), higher than BUSD ($ 5.8 billion). These three stablecoins represent 93% of the stablecoin market cap.
- Tether Has Announced That It Would Launch Its USDT Stablecoin On The Polkadot And Kusama Networks
- Coinbase Stated That The COIN.O Options Will Start Trading On Nasdaq On Tuesday, April 20