Top US-based crypto exchange platform Coinbase is issuing a warning to its customers, advising them to convert their Tether (USDT) stablecoin holdings into USD Coin (USDC).
In a new company blog post, Coinbase tells its customers that USD Coin is one of the most trusted reputable stablecoins on the market and says that it would behoove them to convert their USDT into USDC as a means of securing their assets during times of market turmoil.
Coinbase also notes that it will be waiving fees to convert USDT to USDC.
“Now more than ever, stability and trust are of the utmost importance to customers. Fiat-backed stablecoins (cryptocurrencies pegged to reserve assets like the U.S. dollar) provide customers stability and confidence during times of volatility.
However, the events of the past few weeks have put some stablecoins to the test and we’ve seen a flight to safety. We believe that USD Coin (USDC) is a trusted and reputable stablecoin, so we’re making it more frictionless to switch: starting today we’re waiving fees for global retail customers to convert USDT to USDC.”
USDC is a dollar-pegged crypto asset that was founded by Coinbase in collaboration with payments platform Circle in 2018. Coinbase says the crypto asset is distinctive because it is 100% backed by cash and short-dated U.S. treasuries held in regulated institutions.
“We co-founded USDC in 2018 with the vision of creating a more open, global financial system. USDC is unique in that it’s 100% backed by cash and short-dated U.S. treasuries held in U.S.-regulated financial institutions. It’s always redeemable 1:1 for U.S. dollars.”
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