Coinbase has launched a new campaign to support the Circle-owned stablecoin USDC.
Recently, Binance stopped supporting USDC and automatically converted client assets to its stablecoin BUSD. Coinbase, co-founder of Circle, has made a similar incentive for USDC.
Coinbase Reset Conversion Fees for USDC
Crypto exchange Coinbase has launched a new campaign that supports Circle’s USDC and highlights the quality of reserves.
The exchange is waiving conversion fees for users who want to switch to USDC, which it describes as a trusted stablecoin. He says that behind this request by Coinbase is Tether’s move away from its stable and having a court case over its reserves.
Days after the collapse of FTX, Tether (USDT) fell from its stable and traded as high as 93 cents. The majority of trading pairs on exchanges have returned to $1, but CoinGecko data shows that some pairs on Binance continue to trade at 99 cents.
Coinbase, on the other hand, launched a Binance-like move with a call to switch to USDC, saying:
“The events of the last few weeks have put some stablecoins to the test and we have seen a safe flight. We believe USD Coin (USDC) is a reliable and respected stablecoin.”
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