Coinbase is waiving conversion fees for users who want to switch to a “trusted stablecoin” as part of a new campaign highlighting the quality of reserves that back Circle-owned USD Coin (USDC).
Coinbase claimed that the recent events had put some stablecoins to the test and caused a flight to safety. They think USD Coin (USDC) is a reliable and trustworthy stablecoin.
For all international retail customers converting USDT to USDC as of right now, according to Coinbase, there are no fees.
USDT is currently trading for 99 cents on Coinbase and is the third most actively traded digital asset there, accounting for 5% of total volume at the exchange.
Tether (USDT) was knocked off its peg days after the FTX crash and traded as low as 93 cents. Most trading pairs on exchanges have changed back to $1. Data shows that some pairs at Binance are still trading at 99 cents.
A U.S. judge in New York ordered Tether to produce financial records pertaining to the support of USDT at the end of September. This is not related to the lawsuit currently pending before the New York Supreme Court, which requests the release of the records the New York Attorney General gathered during its investigation into Tether’s reserves.
Recently, Binance stopped supporting USDC and began automatically converting client holdings into BUSD, its own stablecoin.