Coinbase Pro announces addition of Tether (USDT) on its platform

Written by: Ali Raza
April 23, 2021
  • The USDT addition is coming as Tether is approaching a circulating supply of an all-time high of $50 billion.
  • Tether (USDT) is limited to the Coinbase Pro version and not available on regular Coinbase exchange yet.
  • Coinbase has witnessed impressive growth in trading volume and market capitalization.

US cryptocurrency exchange Coinbase Pro has announced the addition of Tether (USDT) stablecoins to its trading platform. This means the world’s most popular stablecoin can now be traded on the Coinbase exchange.  

“Starting immediately, we will begin accepting inbound transfers of Tether (USDT) to Coinbase Pro,” the exchange announced. The listing is coming barely a week after Coinbase was listed on Nasdaq. The dollar-tied Tether stablecoin also operates on other blockchain networks, including Tron.

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Coinbase also stated that support for USDT will be available in the exchange’s supported jurisdiction, except in New York State. Also, the announcement revealed that Coinbase is only offering support for ERC-20 USDT running on the Ethereum blockchain.

Tether is approaching a market cap of $50 billion

As the most valuable stablecoin and the 4th most valuable digital currency in the world, Tether is approaching a market capitalization of nearly $50 billion.

The token’s market cap has surged to enviable heights since the beginning of the year. Coinbase also stated that trading on the USDT pairs will be rolled out in three phases: post-only, limit-only, and full trading phases.

The proposed USDT pairs include USDT-USDC, USDT-USD, USDT-GBP, USDT-EUR, ETH-USDT, and BTC-USDT.

The American-based crypto exchange is one of the largest digital exchanges in the world and the largest in the U.S.

Coinbase expands support for other tokens

When it debuted via a direct listing on Nasdaq last week, the exchange’s COIN token surged 30% within 24 hours, but it corrected in the following days.

During the first quarter of the year, the exchange reported an impressive increase in trading volume, ignited by the influx of institutional and retail traders in the crypto market. In the same period, the company’s revenue grew to $1.8 billion.

Coinbase has also recently listed several other tokens on its exchange, including Cardano (ADA), Curve DAO Token (CRV), Origin Token (OGN), NKN (NKN), Enjin Coin (ENJ), and Storj (STORJ).