{"id":9060,"date":"2022-12-09T11:58:07","date_gmt":"2022-12-09T11:58:07","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=9060"},"modified":"2022-12-09T11:58:08","modified_gmt":"2022-12-09T11:58:08","slug":"coinbase-asks-users-to-convert-their-usdt-to-usdc-for-free","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=9060","title":{"rendered":"Coinbase asks users to convert their USDT to USDC for free"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n   <\/p>\n<p>Coinbase is incentivizing its users to convert their Tether (USDT) holdings for USD Coin (USDC), according to a Dec. 8 blog post.<\/p>\n<p lang=\"en\" dir=\"ltr\">Switch to a trusted stablecoin: USD Coin (USDC). Now convert Tether (USDT) to USDC with zero fees.https:\/\/t.co\/OObSqNWdpj<\/p>\n<p>\u2014 Coinbase (@coinbase) December 8, 2022<\/p>\n<p>According to the US-based exchange, recent events have shown that customers needed stability and trust in fiat-backed stablecoins in times of volatility. Because of this, it revealed that it was waiving its fees for the conversion.<\/p>\n<p>Coinbase said USDC was fully backed with \u201chigh-quality reserves,\u201d adding that it delivers transparency via \u201cmonthly attestations by Grant Thornton LLP.\u201d<\/p>\n<p>Tether has been subject to several regulatory scrutinies over its failure to provide adequate transparency over its reserves. The stablecoin issuer recently said it has cut down its commercial paper holdings to zero and will invest more in U.S. Treasury Bills and short-term government-issued debt.<\/p>\n<h2>Crypto community wary of Coinbase\u2019s offering<\/h2>\n<p>Several stakeholders in the crypto community have questioned Coinbase\u2019s motive, with some describing the move as \u201cdesperate.\u201d<\/p>\n<p lang=\"en\" dir=\"ltr\">Not a good look. Also looks desperate.<\/p>\n<p>Makes me trust USDC a little less tbh.<\/p>\n<p>\u2014 Byzantine General (@ByzGeneral) December 9, 2022<\/p>\n<p>The strategy advisor at VanEck, Gabor Gurbacs, said:<\/p>\n<p>\u201cTether 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\u2019d pick tether over USDC.\u201d<\/p>\n<p>Tether\u2019s CTO Paolo Ardoino retweeted Gurbacs\u2019 statement. He also retweeted James Viggy\u2019s statement that questioned how Coinbase has invested in the Bitcoin ecosystem development.<\/p>\n<p>Meanwhile, BTC\u2019s early investor Samson Mow opined that users should beware of companies that offer free stuff because \u201cthe door in is usually big, but the door out is small.\u201d<\/p>\n<p lang=\"en\" dir=\"ltr\">Always beware when companies offer free stuff. The door in is usually big, but the door out is small.<\/p>\n<p>\u2014 Samson Mow (@Excellion) December 9, 2022<\/p>\n<h2>Tether remains the market leader<\/h2>\n<p>According to CryptoSlate data, Tether is the dominant stablecoin in the industry. It controls around 50% of the market, and its supply is over $65 billion. As of press time, USDT is responsible for 75% of stablecoin\u2019s trading volume.<\/p>\n<p>On the other hand, USDC is the second-largest stablecoin, with a circulating supply of $42.7 billion. Its supply shrunk by $10 billion following Binance\u2019s decision to\u00a0convert its users\u2019 balance in USDC to BUSD.<\/p>\n<h3>Read Our Latest Market Report<\/h3>\n<h2>Get an Edge on the Crypto Market \ud83d\udc47<\/h2>\n<p>Become a member of CryptoSlate Edge and access our exclusive Discord community, more exclusive content and analysis.<\/p>\n<p>  <strong>On-chain analysis<\/strong><\/p>\n<p>  <strong>Price snapshots<\/strong><\/p>\n<p>  <strong>More context<\/strong><\/p>\n<p> Join now for $19\/month Explore all benefits<br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptoslate.com\/coinbase-asks-users-to-convert-their-usdt-to-usdc-for-free\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Coinbase is incentivizing its users to convert their Tether (USDT) holdings for USD Coin (USDC), according to a Dec. 8 blog post. Switch to a trusted stablecoin: USD Coin (USDC). Now convert Tether (USDT) to USDC with zero fees.https:\/\/t.co\/OObSqNWdpj \u2014 Coinbase (@coinbase) December 8, 2022 According to the US-based exchange, recent events have shown that [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9061,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[3],"tags":[],"class_list":["post-9060","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9060","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9060"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9060\/revisions"}],"predecessor-version":[{"id":9062,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9060\/revisions\/9062"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/9061"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9060"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9060"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9060"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}