Coinbase jumped in support of USDC stablecoin over USDT because of the lack of transparency in Tether’s reserves.
Coinbase is a Nasdaq-listed public Crypto company that provides huge numbers of crypto services to global crypto investors. This exchange is known for its highly compliance-based crypto services. The exchange was launched in 2012 and in the present time exchange is standing at 2nd rank in terms of 24 hours global crypto trade volume on its platform.
On 8 December, Coinbase exchange published a new blog post to inform Coinbase users that the exchange offers zero fees service to swap the USDT stablecoin into USDC stablecoin.
Coinbase urged customers to switch to trusted stablecoin because USDC is one of the best stablecoins which is backed by high-quality assets.
It is worth noting that USDC stablecoin issuer is Circle and Circle is a Coinbase-affiliated company. In short, Coinbase is pushing crypto investors to move toward its native stablecoin as a rival against Tether (USDT).
On Twitter, many people criticised Coinbase for such a step that is spoiling the reputation of Tether (USDT).
However, every person has their own corresponding opinion but it is also a big truth that the Tether firm many times faced criticism because of lack of information about its reserves.
In the last year of the time frame, Circle company showed a top level of transparency to the USDC users and proved that USDC is the safest stablecoin in the crypto industry.
Earlier this, the Binance crypto exchange suspended support for USDC stablecoin. The exchange swapped almost all the stablecoins (except USDT) of its Binance exchange’ ecosystem into BUSD to increase trading liquidity. In the present time, users can deposit every type of stablecoin but that will swap into BUSD by default.