Crypto Exchange Coinbase Adds Support for the Tether (USDT) Stablecoin Citing Customer Demand

By Bhushan Akolkar

After a long wait, crypto exchange Coinbase has finally added support for the most popular stablecoin Tether (USDT). The Coinbase announcement came just a few minutes back noting that the exchange supports USDT stablecoin for its Android and iOS applications.

As per the announcement, Coinbase customers can “buy, sell, convert, send, receive, or store USDT”. The exchange noted that USDT support will be available in all jurisdictions except for New York.

USDT is now live at https://t.co/bCG11KMQ6s and in the Coinbase iOS and Android apps. Coinbase customers can log in now to buy, sell, convert, send, receive, or store USDT. Please note that Coinbase only supports ERC-20 USDT running on the Ethereum blockchain.

— Coinbase (@coinbase) May 4, 2021

After the public listing of its COIN shares last month on Wall Street, the company is aggressively working towards getting in more services that can attract retail as well as institutional players. Last week, Coinbase acquired crypto analytics firm Skew in order to provide more in-depth analysis for all cryptocurrencies.

Similarly, the company announced its partnership with PayPal letting Coinbase customers directly buying crypto on the platform through their PayPal accounts. The USD-pegged Tether stablecoin has been the most popular among crypto traders and it facilitates instant buying/selling of digital assets.

Currently, Tether is the most widely used stablecoin with a market cap of $52 billion. In recent times, the demand for the Tether stablecoin has touched new record highs. Over the last year, the circulating supply of Tether has multiplied 10x citing strong investor demand in the crypto space.

courtesy: Glassnode

Coinbase says that its decision to adding support for USDT stablecoin comes amid high demand from its customers.

PayPal Launching Its Own Stablecoin

Coinbase’s recent partner and payments giant PayPal is looking to launch its own stablecoin in the market, reported The Block. PayPal is currently in talks with Avalance blockchain developer Ava Labs. Speaking to the publication, the PayPal spokesperson said:

“PayPal continues to explore the potential of digital currencies, digital financial services infrastructure and how we can help enhance digital commerce as a trusted partner in the space.

As a global company working with regulators and industry partners throughout the world to shape the next generation of financial systems, the company is in frequent conversation about technologies that enable these goals. However, rumors and speculation are not predictive of the company’s future plans”.

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