Coinbase enables free switch from USDT to USDC, adds 1.5% APY bonus

usdc

Coinbase pushes the adoption of the digital dollar by allowing customers to seamlessly switch from USDT (USD Tether) to the popular USDC (USD Coin) with zero fees. By adopting the convention of USDT, users will be able to switch between these two stablecoins. USDC has quickly become one of the most trusted and reputable digital currencies in the market today due to its growing user base and institutional backing.

Coinbase co-founded USDC in 2018 with the goal of establishing a more open global financial system. What makes this digital currency special is that it’s backed by cash and short-dated U.S. treasuries stored in banks regulated by the United States government. This makes it a trusted and reputable digital currency, ideal for transacting in today’s fast-paced digital economy.

Customers always know how much their money is worth. Each month, Grant Thornton LLP–one of America’s largest audit, tax, and advisory firms–provides an update on the value of each token. This way, people can be sure that they are getting what they expect.

With the rise of digital currencies, more and more consumers are beginning to shift away from traditional fiat currencies like the U.S. dollar in favor of stablecoins like USDC. Because cash and short-dated U.S. treasuries are stored in banks regulated by the United States government back this digital dollar, USDC offers a level of security and stability that many other cryptocurrencies cannot.

Coinbase in support to USDC

Recent global events have caused some stablecoins to be questioned regarding their durability as a result of the recent events. In response to the requests, Coinbase has agreed to waive all fees for retail customers for converting USDT to USDC. Users around the world have a stable and trusted digital currency experience, underscoring Coinbase’s commitment to the cause.

In addition, Coinbase account holders in eligible countries gain 1.5% APY on their holdings, which provides an added incentive to invest in this trusted and reputable digital currency. 

With its strict adherence to principles of reputability and full disclosure of all monetary transactions, the users are allowed to have confidence that their funds are truly secure. Unlike other stablecoins that are vulnerable to misuse and fraud, USDC is built on a permissioned blockchain network that ensures transparency, security, and accountability at all times.

What are the benefits of using USDC?

A 20 October 2022 report revealed that “3 times more USDC is bought with USD than non-USD currencies”, calling for more effort to increase awareness outside the US. Coinbase is building more on ramping features to make USDC more accessible. Coinbase plans to ramp up USDC adoption outside the US by adding more features and rewards. For one, trades for USDC fiat purchases on the Coinbase exchange are commission-free.

Unlike CBDC, USDC is offered by a private entity. The development could be the breakthrough USDC needed to topple USDT as the top-shot stablecoin. USDC powers apps to provide anytime access to payments and financial services.

Today’s USD Coin price today is $1.00 USD with a 24-hour trading volume of $2,043,484,365. USD Coin is down 0.01% in the last 24 hours. The current CoinMarketCap ranking is #5, with a live market cap of $42,708,161,428. It has a circulating supply of 42,707,421,403 USDC coins and the max. supply is not available.

Billions of USDC change hands every day1, and every digital dollar of USDC can always be exchanged 1:1 for cash. If you want to know more about Coinbase and its features, read more here.

Food for thought

On September 14th, the co-founder of Coinbase, Brian Armstrong, revealed the exchange has integrated a crypto advocacy portal into its mobile application. Armstrong said the new addition would help educate the 103 million verified Coinbase users on the crypto positions held by political leaders in their location. Should Coinbase steer away from political issues? Or is this Coinbase feature helpful for users?

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