USDT and USDC Exchange Will be Free on Coinbase! See Why
USDT and USDC exchange will be free on Coinbase! See why. Coinbase, an American cryptocurrency exchange and listed company, allows its users to exchange their Tether (USDT) to USDC stablecoins for free.
Specifically, Coinbase users can make a free exchange of their Tether (USDT) for USD Coin (USDC) supported by the company. As a result, this led to a war of words between Tether and many media companies.
“Now more than ever, stability and trust are the most important things for customers,” said Coinbase, adding that its USDC is “unique in that it is 100% backed by cash and paper money. in the United States”. Coinbase says that USDC is always equal to the US dollar 1:1. Tether suffered an attack of hypocrisy
Many saw the move as a weapon against USDT and the “stablecoin threat.”
This battle may not be good for Tether according to the Wall Street Journal because the company behind the stablecoin “may not have enough money to pay for the bailout in the event of a crisis”. The WSJ came to this conclusion when the lending system was discovered in Tether.
Instead of selling Tether for hard cash upfront, the company borrowed the stablecoin from customers. However, it says it only lends to “qualified customers” and requires borrowers to post large “liquidity” bonds that can be sold for dollars if borrowers default. borrowed”.
Without hesitation, Tether responded to the WSJ in a blog post titled WSJ & CO: Mainstream Media Hypocrisy, Sleep on the News Wheel. “Critics and media have spent years criticizing, researching and warning about Tether’s ‘still failing’ claims, but they are completely asleep at the wheel when an important part of the crypto industry goes down n ‘due to lack of responsibility, total fraud, and legal system.
Does this add to their credibility? Does this show their understanding of the crypto market? the post is drawn.
In an attempt to find out why Tether is being negatively influenced, the blog found a number of struggling crypto companies that have been overlooked by these critics. The likes of FTX are currently bankrupt, its sister company Alameda, Bankrupt BlockFi, Genesis Debt, Celsius, Arrow Arrows Capital (3AC) and Terra said.