The US-based cryptocurrency exchange Coinbase launching Tether (USDT) on its platform. Trading will be available in the company’s supported Jurisdiction except for New York.
According to the announcement, Coinbase is only supporting ERC-20 USDT running on the Ethereum blockchain.
“Starting immediately, we will begin accepting inbound transfer of USDT to Coinbase Pro. Trading will begin on or after 6 p.m. Pacific Time (PT) Monday, April 26, if liquidity condition are met. Please note that Coinbase only support ERC-20 USDT,” said Coinbase. “Once sufficient supply of USDT is established on the platform, trading on our BTC-USDT, ETH-USDT, USDT-EUR, USDT-GBP, USDT-USD, and USDT-USDC, order books will launch in three phases, post-only, limit only and full trading,” added Coinbase.
Tether (USDT) is a stablecoin available on several blockchains that aims to maintain the same value as the US dollar. USDT is the 4th most valuable digital currency in the world.
The development comes just over a week of Coinbase’s direct listing on the Nasdaq stock exchange. The shares of the company jumped nearly 30% on its debut. As of 2021, USDT most widely used stablecoin in the world, with a market cap of over $30 billion. The cryptocurrency exchange reported a significant jump in trading volumes during Q1 of 2021. The company also reported total revenues of approximately $ 1.8 billion during the first month of 2021.
Tether support from Coinbase came after the company expanded its product, offering several digital currencies. Most recently, they have added trading support for Ampleforth Governance Token, Enjin Coin(ENJ), NKN(NKN), Origin Token (OGN), Ankr (ANKR), Curve DAO Token (CRV), storj (STORJ), etc.
USDT is not available on Coinbase.com or via their consumer mobile apps. They will make a separate announcement after adding this support.
