Coinbase posted a blog encouraging people to convert their USDT to USDC at no cost.
The exchange implicitly targeted Tether (USDT) for the adequacy of its reserves.
Coinbase, a cryptocurrency exchange, has urged its customers to transfer from Tether (USDT) to Circle’s USD Coin (USDC), calling the latter a “trusted and reputable stablecoin.” The underlying reason for the transition is unclear, but Coinbase feels recent events have prompted the move.
On December 8th, Coinbase posted a blog encouraging people to convert their USDT to USDC at no cost. Moreover, according to Coinbase, USD Coin (USDC) is an established and reliable stablecoin that gives users peace of mind in uncertain market conditions.
Credibility of Tether’s Reserves
During periods of market volatility, Coinbase implicitly targeted Tether (USDT) for the adequacy of its reserves, which had somewhat depegged. During the FTX crash, the USDT depegged and fell to a price below $0.95. In addition, the credibility of T
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