According to Coinbase, there are no fees as of right now for any international retail clients converting USDT to USDC since Coinbase is eliminating the conversion fees for consumers who want to switch to a "trusted stablecoin" (USDC).
The third-most traded digital asset on Coinbase according to on-chain statistics, which accounts for 5% of the exchange's turnover, is USDT.
In addition to disrupting the crypto world, FTX's demise set in motion many developments by other stakeholders in the industry. Several companies are now taking different steps, from exchanges to crypto investment firms, to mitigate the impact the incident has had on them.
A blog post on Friday morning, Asia time, revealed how Coinbase claimed that the recent events had put certain stablecoins through the wringer and caused a retreat to cover. However, they now think USD Coin (USDC) is a reliable and trustworthy stablecoin.
In light of this, the latest campaign that showcases the caliber of reserves that support Circle-owned USD coins came about. Now, Coinbase is removing the conversion fees for users who want to move to a "trusted stablecoin" (USDC).
For all international retail clients converting USDT to USDC as of right now, according to Coinbase, there are no costs. Coinbase is a co-founder of USDC.
Read Also: Federal Prosecutors Investigate FTX Founder Bankman-Fried Over UST/Luna Collapse
On-chain data shows that USDT is the third-most widely traded digital asset on Coinbase, representing 5% of the volume on the exchange, where it currently sells for 99 cents.
Days after the FTX collapse, Tether (USDT) was knocked off its peg and traded as low as 93 cents. Most trading pairs on exchanges have returned to $1, though CoinGecko data shows that it continues to trade at 99 cents on some pairs at Binance. Most trading pairs on exchanges have returned to $1, though CoinGecko data shows that it continues to trade at 99 cents on some pairs at Binance.
A U.S. judge in New York ordered Tether to disclose financial information about the support of USDT at the end of September. This is not related to the litigation pending before the New York Supreme Court, which requests the disclosure of the records the New York Attorney General obtained during its investigation into Tether's reserves.
Recently, Binance ceased accepting USDC and began automatically changing client holdings into BUSD, its stablecoin.
What do you think this currency change will do for Coinbase's development? Kindly share your views with us in the comments section.
