Coinbase Asks Users to swap USDT to its ‘Own’ USDC Citing Consumer Safety

In a new campaign highlighting the quality of reserves that underpin Circle-owned USD Coin (USDC), Coinbase is eliminating conversion costs for consumers who want to move to a “trusted and reputable digital dollar”.

USDC was co-founded by Coinbase.

Coinbase wrote in a blog post published Friday morning Asia time that recent events have put several stablecoins to the test, which caused a flight to safety. As a result they believe  that the reliable and trusted stablecoin USDC o be safe alternative to USDT.

The exchange said today that it will no longer charge fees for worldwide retail customers wishing to convert USDT to USDC.

According to on-chain data, USDT is the third-most traded digital currency on Coinbase, accounting for 5% of total activity on the exchange.