Coinbase Pro, the professional arm of the major US cryptocurrency exchange, is going to list tether (USDT) on its trading platform. Trading in the stablecoin will begin April 26 on the crypto exchange.
Tether is pegged 1: 1 to the US dollar and is very popular in crypto trading. The stablecoin now has a market cap of nearly $ 50 billion. By the way, this is the Ethereum (ETH) version of USDT.
Tether was the subject of controversy for years. Rumors circulated that the company would not have enough reserves to fully cover the stablecoin. It was also the subject of an investigation by the New York Attorney General (NYAG).
This year, this controversy finally came to an end. Tether and sister company Bitfinex had reached a settlement with NYAG. As part of the settlement, the stablecoin issuer is required to send regular reports to NYAG on its reserves. Tether recently released an assurance report confirming full coverage, although it is not the same as an audit.
Coinbase refused to list tether for years and this news is seen as a huge validation for the controversial stablecoin. In addition, Coinbase is now under closer scrutiny than competitors due to the company’s recent IPO.
It is currently unclear whether USDT is also coming to mainstream Coinbase, often crypto are listed on Pro first. Tether will not be available to New York customers due to the aforementioned settlement.
Coinbase also has a stablecoin itself in collaboration with Circle: USD Coin (USDC). It is the second largest stablecoin on the market after tether. Recently, tether also launched on the new Polkadot (DOT) network. In addition, Coinbase is also announcing that it is now listing the Ampleforth Governance Token (FORTH).