Coinbase Pro Adds Support for Tether

Coinbase declared late Thursday that its Coinbase Pro trading platform adds support for Tether’s USDT, dollar-tied stablecoin.

Coinbase, the leading U.S. crypto exchange, has listed the world’s most famous popular stablecoin, Tether. In a declaration on April 23, Coinbase Pro advocated that it had approved trading for the Tether stablecoin. The move is massive news as earlier; the leading exchange would only support its native stablecoin, USDC. The blog post detailed that support for USDT would generally be accessible in Coinbase’s supported jurisdictions, except for New York State. The only version of USDT accessible will be the Ethereum ERC-20 standard.

According to the blog post, trading will commence on or after 6 PM Pacific Time Monday, April 26, if liquidity conditions are satisfactory. Moreover, it also added the availability of pairs. It involves BTC/USDT, ETH/USDT, USDT/EUR, USDT/GBP, USDT/USD, and USDT/USDC. Tether is not accessible on the regular Coinbase exchange yet and is limited to the Pro version, which is more adapted to professional and institutional traders. The development occurs just over a week following Coinbase’s direct listing on the Nasdaq stock exchange. 

Tether’s Circulating Supply Reaches ATH

Furthermore, Coinbase Pro’s listing of USDT occurs two months after Tether, the operator of USDT, settled with New York’s Attorney General following a years-long investigation that started in 2019. As part of that agreement, Tether and the crypto exchange Bitfinex consented to pay $18.5 million, and Tether will present quarterly documentation to the NYAG about USDT’s reserves backing. Coinbase, in its blog post, mentioned that provided enough liquidity, it would support a series of trading pairs of USDT. 

The decision comes as Tether’s circulating supply approaches a milestone of ATH of 50 billion. As per the Tether Transparency report, there are recently 49.58 billion USDT in circulation. Of that total, almost 24.4 billion is based on Ethereum. Moreover, the majority of the remainder, roughly 26 billion, is circulating on the Tron network. Since the starting of 2021, the total supply of Tether has surged by 137%, emphasizing the increase in demand for stablecoins in DeFi related activities. Comparatively, there is recently 13.4 billion USDC in circulation, according to the company that controls it, Circle. It has had even more significant progress this year, with 244% since January 1.

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