Paolo Ardoino, the CTO of Bitfinex and Tether (USDT), expressed his views on the value of stablecoin Tether being listed on Coinbase, the largest crypto exchange in the US. The stablecoin made a debut on the exchange’s pro platform on May 3rd.
Tether announced earlier today that general users and customers can now buy, sell, convert, send, receive, or store USDT on Coinbase.
Essential Features According To Ardoino
Ardoino states that traders on the platform can make an arbitrage by trading across multiple exchanges. What’s vital here is the speed of transfer and low friction. Coinbase has listings such as BTC/USDT, but other possibilities are BTC/USD (finex), USDT/USD (finex), USDT/USD (coinbase), and BTC/USD (coinbase).
Tether was created to make arbitrage across exchanges faster. Seven years since its inception, all exchanges will be tethered by a common stablecoin with high liquidity. The support gained by the Tether ecosystem has made Tether $USDT the biggest stablecoin.
Tether is four times bigger than the second biggest stablecoin and has a significant presence on exchanges and Defi. It’s also expanding and growing fast outside the crypto world too. Ardoino further added,
“@Tether_to and @bitfinex are setting up a massive strategy (including spin-offs and investments) that will open mind blowing opportunities for the next decade, and this might well be an understatement.”
Coinbase Supports Tether (USDT)
As of today, Tether (USDT) is available on the Coinbase website platform, along with its Android and iOS apps. USDT is available in Coinbase-supported regions, except for New York State. Coinbase Pro is supporting USDT trading too. Coinbase is only supporting ERC-20 USDT running on the Ethereum blockchain for now.
The exchange platform has announced a process for listing digital assets. It’s designed to accelerate the addition of more tokens. Coinbase is investing in new tools to help people understand cryptocurrencies.
This is probably aimed at bringing in the mainstream population to invest in crypto. Coinbase has also added a new section on their website to answer common questions about crypto, along with an informational assets page.
About Tether (USDT)
Tether (USDT) is a stablecoin available on several blockchains. It converts cash into digital currency and anchors (or tethers) the value to the price of national currencies such as the US dollar, the Euro, and the offshore Chinese Yuan.
According to its website, the company behind Tether, Tether Limited, holds the reserves that fully back each USDT. Tether token is pegged 1-to-1 to the dollar, so 1 USDT token is always valued by Tether at $1. As of 2021, USDT is the most widely-used stablecoin in the world, with a market cap of over $30 billion.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.