Coinbase Advises Clients to Convert Tether (USDT) Into Circle’s USDC, Cites ‘Flight to Safety’

High US-based crypto alternate platform Coinbase is issuing a warning to its prospects, advising them to transform their Tether (USDT) stablecoin holdings into USD Coin (USDC).

In a brand new firm blog post, Coinbase tells its prospects that USD Coin is likely one of the most trusted respected stablecoins available on the market and says that it could behoove them to transform their USDT into USDC as a method of securing their belongings throughout instances of market turmoil.

Coinbase additionally notes that it will likely be waiving charges to transform USDT to USDC.

“Now greater than ever, stability and belief are of the utmost significance to prospects. Fiat-backed stablecoins (cryptocurrencies pegged to order belongings just like the U.S. greenback) present prospects stability and confidence throughout instances of volatility.

Nonetheless, the occasions of the previous few weeks have put some stablecoins to the take a look at and we’ve seen a flight to security. We imagine that USD Coin (USDC) is a trusted and respected stablecoin, so we’re making it extra frictionless to modify: beginning at present we’re waiving charges for international retail prospects to transform USDT to USDC.”

USDC is a dollar-pegged crypto asset that was based by Coinbase in collaboration with funds platform Circle in 2018. Coinbase says the crypto asset is distinctive as a result of it’s 100% backed by money and short-dated U.S. treasuries held in regulated establishments.

“We co-founded USDC in 2018 with the imaginative and prescient of making a extra open, international monetary system. USDC is exclusive in that it’s 100% backed by money and short-dated U.S. treasuries held in U.S.-regulated monetary establishments. It’s all the time redeemable 1:1 for U.S. {dollars}.”

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