USDT, the native token of Tether, is now present on Coinbase for all users, after being available only on its Pro platform.
In a blog post made by Coinbase on Tuesday, the exchange wrote that the stablecoin can now be bought, sold, converted, or stored by all customers. Tether will now be available in the regions where Coinbase is supported, except for New York due jurisdictions.
“Starting today, Coinbase supports Tether (USDT) at Coinbase.com and in the Coinbase Android and iOS apps. Coinbase customers can now buy, sell, convert, send, receive, or store USDT. USDT will generally be available in Coinbase-supported regions, with the exception of New York State. USDT trading is also supported on Coinbase Pro.”The Coinbase blog
The platform exchange only supports ERC-20 USDT, the version that runs on the Ethereum blockchain. Tether is currently available on eight blockchains: Bitcoin, Ethereum, BCH, Liquid Network, Omni, Tron, Solana, and EOS. Its purpose is to permit the generation of new assets on each one of these cryptocurrencies’ blockchains.
Tether is a type of cryptocurrency called stablecoin that aims to keep valuations stable and not affected by market swings. Unlike the majority of cryptocurrencies that have a limited amount of tokens, Tether hasn’t. New coins can be issued the moment customers buy them by depositing the fiat currency in Tether’s bank account.
“Tether (USDT) is a stablecoin available on several blockchains that aims to maintain the same value as the US dollar. The company behind Tether, Tether Limited, claims to hold reserves that fully back each USDT. As of 2021, USDT is the most widely-used stablecoin in the world, with a market cap over $30 billion.”The Coinbase blog
Due to growing demand from users, Coinbase is listing new digital currencies to its platform.
“We announced a process for listing assets, designed in part to accelerate the addition of more cryptocurrencies. We are also investing in new tools to help people understand and explore cryptocurrencies.”The Coinbase blog