In an effort to demonstrate the strength of the reserves behind Circle-owned <a href="https://www.cryptoknowmics.com/news/usdc-will-integrate-with-decentralized-social-to-bring-web3-to-the-masses">USD Coin (USDC)</a>, Coinbase is eliminating the processing costs for anyone who intends to move to a trusted stablecoin (USDT to USDC).
<h2>Conversion of USDT to USDC</h2>
In a <a href="https://www.coinbase.com/blog/switch-to-the-trusted-and-reputable-digital-dollar-usdc" target="_blank" rel="nofollow noopener">blog post</a> posted today, <a href="https://www.cryptoknowmics.com/news/coinbase-bans-mobile-nft-transfers-citing-apples-app-store-rules">Coinbase</a> claimed that the recent events had put certain <a href="https://www.cryptoknowmics.com/news/truelayer-to-support-coinbase-payments-and-focus-on-stablecoins">stablecoins</a> to the test and caused a flight to safety. The exchange further stated that USD Coin (USDC) is a reliable and trustworthy stablecoin. Starting today, Coinbase would no longer charge fees for worldwide retail clients to transfer USDT to USDC.

USDC was co-founded by Coinbase. According to on-chain statistics, <a href="https://www.cryptoknowmics.com/news/binance-okx-and-bybit-halt-usdt-and-usdc-deposits-on-solana">USDT</a> is presently trading for 99 cents on Coinbase and is the third most actively traded digital currency there, accounting for 5% of the trading volume.
<h2>Trading of Tether</h2>
Tether (USDT) lost its peg a few days after the FTX crash and fell as low as 93 cents. Although CoinGecko data indicates that it still trades at 99 cents on select pairings at Binance, the majority of trading pairs on platforms have reverted to $1.

A U.S. judge in New York issued a request to Tether in late September for financial data pertaining to the support of USDT. This is not related to the litigation now pending before the New York Supreme Court, which requests the release of records obtained during the investigation of Tether's reserves by the New York Attorney General.

Crypto Exchange Coinbase Urges Users to Change USDT to USDC

Coinbase claimed that recent events had put certain stablecoins to test and caused a flight to safety would no longer charge fees to transfer USDT to USDC.

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Crypto Exchange Coinbase Urges Users to Change USDT to USDC

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