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Coinbase allows exchange from USDT to USDC without fees

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Coinbase now allows its customers who own USDT to exchange the asset for USDC without charging them any fees.. The exchange has found that USDC offers greater security while being a more transparent asset for its owners.

On December 8, the management of Coinbase has issued a release To announce that for a limited time their clients will be able to exchange USDT for USDC without paying any fees. This promotion is reserved for retail customers For retail customers of the exchange, but no deadline has been set at this time, the reverse exchange from USDC to USDT will continue to be subject to fees.

The process of exchanging USDT to USDC is simple.. The user will need to go to the Activities Of exchange platform or in the mobile application. Once in this section, we follow the next steps; Trade –  Convertinto the latter the will select USDT to convert to USDCand the transaction will be completed instantly and at no additional cost.

Coinbase trusts USDC

With this initiative, Coinbase wanted to Improve the stability and trust of its customers when using its platform. The note mentions that the events of recent weeks in the cryptocurrency ecosystem have led the platform to evaluate the best options for its clients. No specific event was specified, but it seems to refer to the cryptocurrency exchange crash. FTX.

The administration believes that. USDC is a reliable and globally respectable stable currency.offering the best option in a bear market with high volatility problems. It is worth mentioning that. Coinbase was one of the parties that co-founded USDC in 2018, along with Circle.. It is normal for the platform to want to offer its asset before other options such as USDT, created by Tether completely outside the exchange.

Coinbase has confirmed that. USDC is 100 percent backed by cash and U.S. Treasury securities. short term. Coinbase customers can redeem the asset at any time and get back the U.S. dollar with which it is backed.

Another area in which Coinbase has strived to keep up with the times is in the area of transparency of the accounts and reserves of its assets. To ensure this, Coinbase is subject to monthly audits by Grant Thornton LLP..

Mistrust of customers

The reaction of the Coinbase community, and the cryptocurrency world in general, was not long in coming. A large number of people welcomed this news as positive, giving USDT holders another chance in case they want to trade their holdings. However, not all of the community seems to believe that Coinbase is making this decision to protect its customers.

Coinbase’s publication in Twitter to announce this change received several very critical comments about the decision. Many users believe that Coinbase made this decision to get rid of some of its stored USDCs and thus obtain USDT quickly and directly from its customers. Others consider this measure senseless, as USDT was the first stable asset to be created and the one that most users use today.

On the other hand, there are some users who are convinced of the change, but they will wait for Coinbase to make a better offer.. The tweeter @stevedabitcoin admitted that he will wait until the platform is willing to pay 1.05 USDC per USDT.

This may be the Coinbase’s response to Tether’s expansion moves. and its various stable assets tied to fiat currencies around the world. A few days ago, Tether announced the expansion of the Chinese yuan (CNH₮) to the TRON network, giving the Bitfinex exchange house exclusive rights to trade the asset on this network.

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