Tether Escape Begins? Giant Cryptocurrency Exchange Launched USDC Campaign!

Cryptocurrency exchange Coinbaseusers to USDC in the campaign he launched to ensure Tether highlights the problems with reserves.

Cryptocurrency Exchange Coinbase Asks Users To Exchange USDT For USDC

Coinbase is waiving conversion fees for users looking to upgrade to a “trusted stablecoin” with a new campaign highlighting the quality of reserves backing Circle’s USD Coin (USDC).

“The events of the past few weeks have put some stablecoins to the test, and we have seen an escape into the safe haven,” Coinbase wrote in a blog post Friday morning Asian time. “We believe USD Coin (USDC) is a reliable and respected stablecoin.”

Coinbase said that starting today, global retail customers are waiving fees for converting USDT to USDC. He is the co-founder of Coinbase USDC.

On-chain data shows that USDT is the third most traded digital asset on Coinbase, representing 5% of the exchange’s volume, currently trading at 99 cents.

Days after the collapse of FTX, Tether (USDT) broke from its stable and fell as low as $0.93. The majority of trading pairs on exchanges have returned to $1, but CoinGecko data shows that some pairs on Binance continue to trade at $0.99.

In late September, Tether was ordered by a US judge in New York to submit financial records regarding support for USDT.

This is separate from the case before the New York Supreme Court, which asked the New York Attorney General to release the documents he gathered in his investigation into Tether’s reserves.

Soon Binance By ceasing to support USDC, customer assets to own stablecoin. BUSDIt was automatically converted to .

*Not investment advice.