US cryptocurrency exchange Coinbase recently announced it will debut Tether (USDT) trading on its trading platform, Coinbase Pro, this week. However, the launching of the stablecoin has been postponed till May 3, according to the exchange’s notice on Tuesday.
Coinbase Cites API Issues
In a tweet, the crypto exchange cited API issues, precisely saying that they are working to “make sure that we have fully remediated any issues on our core APIs and exchange”. Besides the API issues, Coinbase is also preparing to bolster its trading platform to make it more robust for users while trading.
USDT trading was previously slated to open on April 26. Following the update, however, Coinbase Pro users are expected to start trading USDT next week.
Coinbase will support the ERC-20 version of USDT, which is based on Ethereum. It began accepting inbound transfers for the stablecoin immediately after the announcement last week.
Coinbase Could See Increases in Trading Volume
The addition of USDT on Coinbase Pro will expand its available coin trading pairs. Precisely, the exchange will support the following trading pairs: BTC-USDT, ETH-USDT, USDT-EUR, USDT-GBP, USDT-USD, and USDT-USDC.
At the time of writing, USDT is the largest and most-traded USD-backed stablecoin in the crypto market. Therefore it seems reasonable for Coinbase to plan scaling its trading platform ahead of the launching of USDT trading, as that could result in more more trading volume.
On Monday, the market capitalization of USDT in circulation crossed $50 billion USD. TRON is currently the largest blockchain network with the highest number of USDT.
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