The American crypto exchange Coinbase urged its users to switch to USDC stablecoins, stating that it is the most reliable and unique stablecoin.
Coinbase has announced that it will begin encouraging users to convert their Tether (USDT) stablecoin to USD Coin (USDC). The company said that the events of recent weeks have put some stablecoins to the test, and users have begun to look for a replacement for their usual coins – USDC, Coinbase assures, is a reliable alternative.
The crypto exchange announced that USDC is a unique cryptocurrency as it is 100% backed by cash and short-term US Treasury bills held in government regulated financial institutions. The company is convinced that the stablecoin can always be exchanged for dollars in a ratio of 1:1:
“Our clients demand transparency. USDC is certified monthly by one of the largest auditing companies in America, Grant Thornton. Coin holders earn up to 1.5% per annum using their assets in USDC.”
Previously in Tether reportedthat during periods of volatility in the cryptocurrency market, the price of USDT on the exchange may fluctuate – this happens when the demand for liquidity is higher than in the order books. Which does not reflect the ability of Tether to maintain its peg to the dollar, the company said.
Earlier, the CEO of the cryptocurrency exchange Coinbase, Brian Armstrong, said that the fall of the cryptocurrency market would lead to a decrease in the company’s profits by at least 50%.
Source: Bits
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