{"id":15317,"date":"2022-12-09T20:19:43","date_gmt":"2022-12-09T20:19:43","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/coinbase-entices-users-to-switch-from-usdt-to-usdc-crypto-firm-says-recent-events-put-some-stablecoins-to-the-test-bitcoin-news\/"},"modified":"2022-12-09T20:19:43","modified_gmt":"2022-12-09T20:19:43","slug":"coinbase-entices-users-to-switch-from-usdt-to-usdc-crypto-firm-says-recent-events-put-some-stablecoins-to-the-test-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/coinbase-entices-users-to-switch-from-usdt-to-usdc-crypto-firm-says-recent-events-put-some-stablecoins-to-the-test-bitcoin-news\/","title":{"rendered":"Coinbase Entices Users to Switch From USDT to USDC, Crypto Firm Says Recent Events ‘Put Some Stablecoins to the Test’ \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Coinbase, one of the largest cryptocurrency firms in the industry, has published a blog post that tells users to \u201cswitch to the trusted and reputable digital dollar,\u201d referring to the stablecoin asset usd coin. The company\u2019s blog post specifically mentions switching the stablecoin asset tether over to usd coin, and the firm is offering \u201czero fees\u201d to swap these two tokens.<\/strong><\/p>\n

Coinbase Offers Users Zero Fees to Switch From Tether to Usd Coin, Crypto Community Questions Motive<\/h2>\n

On Thursday, Dec. 8, 2022, Coinbase shared a new blog post and tweeted<\/a> the statement: \u201cSwitch to a trusted stablecoin: usd coin (USDC). Now convert tether (USDT<\/a>) to USDC with zero fees.\u201d The company\u2019s blog post<\/a> goes into more detail as it notes that customers can swap tether (USDT<\/a>) for usd coin (USDC) \u201cwith zero fees.\u201d The blog post notes that events that have taken place during the last few weeks have shaken the crypto industry\u2019s trust.<\/p>\n

\u201cThe events of the past few weeks have put some stablecoins to the test and we\u2019ve seen a flight to safety,\u201d Coinbase\u2019s blog post explains. \u201cWe believe that [usd coin] (USDC) is a trusted and reputable stablecoin, so we\u2019re making it more frictionless to switch: starting today we\u2019re waiving fees for global retail customers to convert USDT<\/a> to USDC.\u201d<\/p>\n

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Coinbase\u2019s statements gave crypto proponents the perception that the blog post was indirectly questioning Tether\u2019s stablecoin, the current largest stablecoin asset by market cap today. \u201cShots fired. Bang bang,\u201d the Twitter account known as Autism Capital replied<\/a> to Coinbase\u2019s tweet about the subject. A number of other crypto supporters disagreed with Coinbase\u2019s statements. The strategy advisor at Vaneck, Gabor Gurbacs, opined that it was more likely people would choose USDT<\/a>.<\/p>\n

\u201cTether was the first stablecoin in the world and has been trusted by millions around the world since its inception,\u201d Gurbacs said<\/a> in a response to Coinbase\u2019s tweet on Thursday. \u201cIn fact if you ask people outside a narrow group in the U.S. they\u2019d pick tether over USDC,\u201d Gurbacs added.<\/p>\n

The Twitter account known as the Byzantine General wrote<\/a>: \u201cNot a good look. Also looks desperate. Makes me trust USDC a little less.\u201d The operators of the decentralized finance (defi) platform Curve Finance found a humorous silver lining in the situation when the defi platform\u2019s Twitter account tweeted<\/a>:<\/p>\n

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Yes, let\u2019s shift back and forth really often. Loving it.<\/p>\n<\/blockquote>\n

The statements from Coinbase follow the recent auto-conversion from USDC to BUSD events at Binance and Wazirx. Furthermore, USDC\u2019s market valuation has dropped a great deal during the past few months. USDC\u2019s market cap tapped a high of more than 56 billion nominal U.S. dollars in June 2022.<\/p>\n

Today, the USDC market cap is 23.57% lower at $42.80 billion. Tether\u2019s market cap, however, has shrunk a great deal as well, sliding from a high of more than 83 billion nominal U.S. dollars to today\u2019s $65.86 billion. Tether\u2019s market cap hit the $83 billion high in April 2022 and now it\u2019s 20.65% lower according to statistics recorded on Dec. 9, 2022.<\/p>\n

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advisor at Vaneck<\/a>, Autism Capital<\/a>, Binance<\/a>, Blog Post<\/a>, BUSD<\/a>, Byzantine General<\/a>, Coinbase<\/a>, coinbase exchange<\/a>, coinbase global<\/a>, Coinbase USDC<\/a>, Curve.finance<\/a>, Gabor Gurbacs<\/a>, Stablecoins<\/a>, statements<\/a>, swapping stablecoins<\/a>, switching stablecoins<\/a>, Tether<\/a>, Tether (USDT)<\/a>, Tweet<\/a>, usd coin<\/a>, usd coin (USDC)<\/a>, Wazirx<\/a>, zero fees<\/a><\/div>\n<\/div>\n

What do you think about Coinbase\u2019s recent statement regarding switching over from tether to usd coin? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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