Coinbase, one of the largest cryptocurrency companies in the industry published a blog post urging users to “switch to a trusted and reputable digital dollar”, referring to the stablecoin asset, the US dollar coin. The company’s blog post specifically mentions switching its stablecoin asset Tether to USD coin, and the company offers “zero fees” for exchanging these two tokens.
Coinbase Offers Users Zero Fees to Switch from Tether to Usd Coin, Motivating Crypto Community Questions
On Thursday, December 8, 2022, Coinbase Shares New Blog Post andtweeted the statement. Convert Tether (USDT) to USDC with no fees today. The company’s blog post explains in more detail as it states that customers can exchange Tether (USDT) for US Dollar Coins (USDC) “without fees”. I’m here. The blog post states that events that occurred in the past few weeks have shaken confidence in the crypto industry.
“The events of the past few weeks have seen several stablecoins tested and escaped to safety,” he explains in a Coinbase blog post. “Because we believe [usd coin] (USDC) is a reliable and reputable stablecoin, we are making the transition smoother. } is waived of fees for converting USDC.” It gave the perception that it indirectly calls into question the Tether stablecoin, which is currently the largest stablecoin asset by gross amount. “Firing. Bang Bang,” the Twitter account known as Autism Capital replied to his Coinbase tweet about the matter. Many other crypto advocates disagreed with Coinbase’s statement. Gabor Gurbacs, a strategic adviser to Vaneck, opined that people are more likely to choose USDT.
“Tether is the world’s first stablecoin and has been trusted by millions of people around the world since its inception,” said Garbucks on Thursday. said in a reply to a Coinbase tweet. “In fact, if you ask people outside of a limited group in the United States, they would choose Tether over USDC,” Gurbacs added on his Twitter account, known as Byzantine General. Account wrote. A desperate look. A little less trust in USDC. The operators of decentralized finance (defi) platform Curve Finance discovered a humorous silver lining when the defi platform’s Twitter account tweeted:
Yes, let’s shift back and forth really often. I’m enjoying myself.
Coinbase’s statement follows his recent USDC to BUSD automatic conversion events on Binance and Wazirx. Additionally, USDC’s market valuation has fallen significantly over the past few months. USDC market capitalization hit a nominal high of over US$56 billion in June 2022.
Today, USDC market cap is 23.57% lower at $42.8 billion. However, Tether’s market cap has also shrunk significantly, dropping from over $83 billion in nominal US dollars to his $65.86 billion today. Tether’s market capitalization reached $83 billion in April 2022 and is now down 20.65%, according to statistics recorded on December 9, 2022.
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