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Coinbase Pro lists the Tether stablecoin
Coinbase Pro lists the Tether stablecoin
Stable Coin

Coinbase Pro lists the Tether stablecoin

By Amelia Tomasicchio - 23 Apr 2021

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US exchange Coinbase has decided to add the Tether (USDT) stablecoin to its Coinbase Pro platform.

The press release issued by Coinbase today explains:

“For stablecoins like USDT, the company behind the protocol is responsible for holding reserves that fully back each token. The company behind Tether, Tether Limited, claims to hold reserves that fully back each USDT”.

This probably refers to the confirmation from the independent insurance company Moore Cayman that the information contained in Tether’s Consolidated Reserves Report is accurate and therefore that the reserves for the corresponding 1:1 between the stablecoin and the dollar are actually in the company’s coffers.

Following the IPO that began a few days ago, Coinbase is announcing this new move, surprising many stablecoin detractors, who once again will have no choice but to stand by and watch the growing success of USDT, which now has a market capitalization of $45 billion

Tether on Coinbase Pro

In the press release issued today, Coinbase said that it will list the version of USDT that is on the Ethereum blockchain and not the others.

Indeed, it should be noted that Tether is also supported by other blockchains such as Tron, EOS, Bitcoin Cash, Algorand and Solana.

On Coinbase, USDT will be listed in pairs with currencies such as Bitcoin, Ethereum, Euros, Pounds Sterling, US Dollars and also another dollar-pegged stablecoin, namely USDC.

Being listed on Coinbase Pro, the exchange’s platform for more experienced traders, is often a prelude to being added to regular Coinbase, which could be a further step forward in Tether’s development and also reputation.

Paolo Ardoino, CTO of Tether, commented:

“We are gratified by Coinbase’s decision to add Tether tokens (USDt) on ERC-20 to its Coinbase Pro platform. This is happening as we near a market capitalization of US$50 billion and represents another step forward as we broaden our community. As the most liquid, stable and trusted stablecoin, Tether is playing a key role in the emerging digital token ecosystem. Traders and developers like using Tether. Coinbase’s endorsement means an important new bridge for mainstream adoption of cryptocurrency has been built.”

Amelia Tomasicchio
Amelia Tomasicchio

As expert in digital marketing, Amelia began working in the fintech sector in 2014 after writing her thesis on Bitcoin technology. Previously author for Cointelegraph and CMO at Eidoo. She is now the co-founder and editor-in-chief of The Cryptonomist. She is also a marketing teacher at Digital Coach in Milan and she is about to publish her first book about Blockchain Marketing.

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