The largest cryptocurrency exchange Coinbase has announced that it will list Tether (USDT) on its professional trading platform. Coinbase Pro allows deposits in USDT if the liquidity conditions are met before April 26th – the start of trading. After Tether’s offer limit has been met, trading in BTC-USDT, ETH-USDT, USDT-EUD, USDT-GBP, USDT-USDT and USDT-USDC is then activated in post, only and full trading and.
However, Coinbase only supports ERC-20 Tether based on the Ethereum blockchain. The introduction of USDT on Coinbase Pro does not imply that the stablecoin will be supported by the mobile application or trading platform for retail and the exchange has reported making a separate announcement should that happen.
Tether is a USD-backed stablecoin, which means that every Tether token in Tether’s bank accounts is backed by US dollars. Tether is pegged 1 to 1 to USD. However, the company’s claim that every tether is backed by equal dollars in the company’s reserves turned out to be false. Tether Limited has since been embroiled in controversy. In the announcement, Coinbase also hinted that the NASDAQ-listed exchange isn’t worried about the Tether controversy.
Recently, the New York authorities claimed that Tether is actually not backed by the US dollar, as the company claims. The New York Attorney General’s lawsuit rocked Tether Holdings Limited to the core. However, the action could not be continued as a settlement was reached between the parties. Bitfinex and Tether were fined $ 18.5 million and had reports on their reserves. The stablecoin has met the requirements and the company’s consolidated reserve report shows that USDT is fully backed by USD.