Coinbase Asks its Users to Switch from USDT to USDC
Coinbase has encouraged its users to switch from USDT to the USDC as, according to the exchange, the latter is much more reliable than USDT.
Coinbase has reported that the conversion can be carried out without commission. Coinbase believes USDC is a better option as its issuer, Circle, publishes financial statements on a regular basis, so “there is no doubt” USDC is fully backed by real assets.
Recall that Binance has automatically converted user funds in USDC into its stablecoin BUSD, which caused Circle’s dissatisfaction. After that, the capitalization of the Binance token started to grow.
Coinbase has said in a statement:
“We believe that USD Coin (USDC) is a trustworthy and reputable coin, which is why we are making the transition easy: starting today, we are waiving fees for global retail clients to convert USDT to USDC.”
