Sign Up on MEXCCrypto Exchange Coinbase Adds Support for the Tether (USDT) Stablecoin Citing Customer Demand
After a long wait, crypto exchange Coinbase has finally added support for the most popular stablecoin Tether (USDT). The Coinbase announcement came just a few minutes back noting that the exchange supports USDT stablecoin for its Android and iOS applications.
As per the announcement, Coinbase customers can “buy, sell, convert, send, receive, or store USDT”. The exchange noted that USDT support will be available in all jurisdictions except for New York.
USDT is now live at https://t.co/bCG11KMQ6s and in the Coinbase iOS and Android apps. Coinbase customers can log in now to buy, sell, convert, send, receive, or store USDT. Please note that Coinbase only supports ERC-20 USDT running on the Ethereum blockchain.
— Coinbase (@coinbase) May 4, 2021
After the public listing of its COIN shares last month on Wall Street, the company is aggressively working towards getting in more services that can attract retail as well as institutional players. Last week, Coinbase acquired crypto analytics firm Skew in order to provide more in-depth analysis for all cryptocurrencies.
Similarly, the company announced its partnership with PayPal letting Coinbase customers directly buying crypto on the platform through their PayPal accounts. The USD-pegged Tether stablecoin has been the most popular among crypto traders and it facilitates instant buying/selling of digital assets.
Currently, Tether is the most widely used stablecoin with a market cap of $52 billion. In recent times, the demand for the Tether stablecoin has touched new record highs. Over the last year, the circulating supply of Tether has multiplied 10x citing strong investor demand in the crypto space.
Coinbase says that its decision to adding support for USDT stablecoin comes amid high demand from its customers.
PayPal Launching Its Own Stablecoin
Coinbase’s recent partner and payments giant PayPal is looking to launch its own stablecoin in the market, reported The Block. PayPal is currently in talks with Avalance blockchain developer Ava Labs. Speaking to the publication, the PayPal spokesperson said:
“PayPal continues to explore the potential of digital currencies, digital financial services infrastructure and how we can help enhance digital commerce as a trusted partner in the space.
As a global company working with regulators and industry partners throughout the world to shape the next generation of financial systems, the company is in frequent conversation about technologies that enable these goals. However, rumors and speculation are not predictive of the company’s future plans”.
- Donald Trump Petitions Supreme Court To Remove Fed Governor Lisa Cook
- Pi Coin Rises As Pi Network Implements Protocol v23 on Testnet
- Tether-Backed Plasma Stablecoin Blockchain Set to Launch on September 25
- Cathie Wood’s Ark Invest Backs Nasdaq-Listed Solmate To Launch $300M Solana Treasury
- REX-Osprey Spot Dogecoin and XRP ETFs Launch With Record Trading Volume
- Cardano Price Stays Above Ichimoku Cloud as Grayscale ADA ETF Approval Nears
- HBAR Price Prediction as SEC Approves Generic ETF Framework – Analyst Targets $1.80
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
