Tether (USDT) Stablecoin Now Available on Coinbase

Jafrin  |  May 5, 2021

A day after adding the stablecoin on its pro version, U.S.-based cryptocurrency exchange Coinbase listed Tether (USDT) stablecoin for the general users. The exchange said its currently only supporting the Ethereum-based version of USDT, excluding versions offered on Justin Sun's Tron and Blockstream's Liquid.

Coinbase Adds Tether Stablecoin

Coinbase has added the largest stablecoin by market cap, Tether (USDT) to its platform, according to a company released blog post.

Customers now can buy, sell, convert, send, receive or store USDT on Coinbase. Apparently, the stablecoin will be available in the majority of Coinbase's jurisdictions, with the exception of New York State.

On April 13, Coinbase had announced that it would start offering USDT trading to the toolkit of its Pro version. However, due to technical issues with its application programming interface APIs, USDT trading on Coinbase Pro started only on May 3.

Currently, the digital asset is available on the Coinbase online platform as well as on its Android and iOS apps.

Coinbase has added the ERC-20 version of Tether (USDT) based on the Ethereum (ETH) blockchain as opposed to Justin Sun's Tron and Blockstream's Liquid version. The announcement release clarified saying:

"Coinbase only supports ERC-20 USDT running on the Ethereum blockchain."

Coinbase crypto exchange recently went public, marking a major milestone for the entire cryptocurrency market.

Tether Seeing All-Time Highs

Over the past year, Coinbase has taken to adding some of the most popular tokens on the market. Some of the most recent additions include popular DeFi-based tokens Yearn Finance (YFI), OMG Network (OMG), and Decentraland (MANA).

The addition of the U.S. dollar-backed stablecoin comes after a long time coming, given the USDT market cap includes over $50 billion.

Tether (USDT) itself has seen its market cap surge to new highs alongside Ethereum. The current market cap sits at roughly $52 billion, with an all-time high of $53 billion.

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