Coinbase Waives Fees On Tether-To-USDC Conversion As It Urges Shift To 'Most Dependable Digital Dollar'

Coinbase (NASDAQ: COIN) has urged its customers to switch from Tether (CRYPTO: USDT) to USD coin (CRYPTO: USDC), billing it as the "most dependable and reputable digital dollar."

What Happened: In a blog post on Thursday, Coinbase said that USDC is fully backed with “high-quality reserves.”

The company highlighted that recent events have put a spotlight on stablecoins and expressed confidence in the USD coin as a "trusted and reputable" one. To demonstrate this trust, Coinbase announced that it is “waiving fees for global retail customers to convert USDT to USDC,”  as stated in their blog post.

Switch to a trusted stablecoin: USD Coin (USDC). Now convert Tether (USDT) to USDC with zero fees.https://t.co/OObSqNWdpj

— Coinbase (@coinbase) December 8, 2022

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“Customers are calling for transparency, and USDC delivers via monthly attestations by Grant Thornton LLP, one of America’s largest audit, tax, and advisory firms. Plus, eligible customers globally earn up to 1.5% APY on their USDC holdings with Coinbase,” the exchange noted.

Price Action: The apex crypto Bitcoin (CRYPTO: BTC) was trading at $17,221.07, up 2.45% in the past 24 hours, according to Benzinga Pro.

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