Coinbase, the US-based cryptocurrency exchange, announced support for stablecoin Tether (USDT) and mentioned that the trading of USDT will start on Coinbase Pro from Monday 26 April. Trading will be available in the company’s supported jurisdictions.
According to the official announcement, Coinbase is only supporting ERC-20 USDT running on the Ethereum blockchain. Coinbase Pro users are now allowed to transfer Tether (USDT) into their accounts ahead of the trading.
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Tether is the most valuable stablecoin in the world. The cryptocurrency currently has a market cap of approximately $50 billion. USDT is the 4th most valuable digital currency in the world. The total market cap of Tether has surged significantly since the start of this year.
“Starting immediately, we will begin accepting inbound transfers of Tether (USDT) to Coinbase Pro. Trading will begin on or after 6 PM Pacific Time (PT) Monday, April 26, if liquidity conditions are met. Please note that Coinbase only supports ERC-20 USDT. Once sufficient supply of USDT is established on the platform, trading on our BTC-USDT, ETH-USDT, USDT-EUR, USDT-GBP, USDT-USD and USDT-USDC order books will launch in three phases, post-only, limit-only and full trading,” Coinbase mentioned in the official announcement.
The American cryptocurrency exchange is one of the largest digital exchanges in the world. Coinbase recently went public through a direct listing on Nasdaq under the ticker symbol of COIN. The shares of the company jumped nearly 30% on its debut but saw a correction in the following days. According to the closing price of Thursday, COIN shares dropped below $300. The cryptocurrency exchange reported a significant jump in trading volumes during Q1 of 2021. The company also reported total revenues of approximately $1.8 billion during the first three months of 2021.
The recent Tether support from Coinbase came after the company expanded its product offering with the addition of several digital currencies, including Ampleforth Governance Token (FORTH), Enjin Coin (ENJ), NKN (NKN), Origin Token (OGN), Ankr (ANKR) Curve DAO Token (CRV), Storj (STORJ) and Cardano (ADA).