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.”