Coinbase Exchange has REMOVED ALL FEES on the $USDT for $USDC trading pair. They are encouraging people to “switch to the trusted and reputable digital dollar”.
USDC is backed by US government treasuries and therefore “risk free” whereas USDT is backed by some US government treasuries, commercial paper and other investments, therefore not risk free.
The events of the past few weeks have put some stablecoins to the test and we’ve seen a flight to safety, Coinbase said in blog post published Friday morning Asia time. We believe that USD Coin (USDC) is a trusted and reputable stable-coin.
Coinbase tweeted, Tether was the first stablecoin in the world and has been trusted by millions around the world since its inception. In fact if you ask people outside a narrow group in the US they’d pick tether over USDC.
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Switch to a trusted stablecoin: USD Coin (USDC). Now convert Tether (USDT) to USDC with zero fees.https://t.co/OObSqNWdpj
— Coinbase ??? (@coinbase) December 8, 2022
Both are stablecoins. You give one fiat dollar— you get one virtual dollar. They differ on if they can give your fiat dollar back when you ask for it. $USDT had first mover advantage, $USDC has the trust and transparency that people need at this time, But never forget USDC can blacklist you on command.
Circle, continues a long pattern of false & misleading public statements. In November, Circle wrote they’d file audited financials showing profits – they didn’t. Coinbase pushes USDC they’re literally invested in Circle.
It seems they have been paying firms to pump USDC market cap. Always beware when companies offer free stuff. The door in is usually big, but the door out is small.
Days after the FTX collapse, Tether (USDT) was knocked off its peg and traded as low as 93 cents. The majority of trading pairs on exchanges have returned to $1, though CoinGecko data shows that it continues to trade at 99 cents on some pairs at Binance.
Better to increase USDC trading pair volume on Exchanges so everyone can be shifted to USdc or busd or dai on their own. Busd have volume in Binance, USDC have volume in Coinbase but USDT have volume on all exchanges, USDT can’t collapse, Clark wrote on Twitter.
CT is so contrarian and cynical. Half my feed saying things like “guess I will switch to tether”, meanwhile Coinbase is likely to be telegraphing regulatory changes and things that are getting the tip of the hand. https://t.co/y9i1XHE6Tw
— HORSE (@TheFlowHorse) December 9, 2022
Meanwhile, Users of Coinbase Wallet are experiencing some hiccups while trying to trade on the platform.
Icarium said;
Coinbase mobile iOS app completely down? Not working it logged me out
Is USDC becoming another AllaireCorp Spectra?