Coinbase, the US-based cryptocurrency exchange, announced support for stablecoin Tether (USDT) and mentioned that the trading of USDT would start on Coinbase Pro from Monday, April 26. Trading will be available in the company’s supported jurisdictions. According to the official announcement, the US crypto exchange Coinbase is only supporting ERC-20 USDT running on the Ethereum blockchain. The crypto exchange giant went public last week via a direct listing on Nasdaq.
Coinbase Pro users are now allowed to transfer Tether.
According to the announcement, Coinbase Pro users are now allowed to transfer Tether (USDT) into their accounts ahead of the trading. Tether is the most valuable stablecoin in the world. The cryptocurrency currently has a market cap of approximately $50 billion. USDT is the 4th most valuable cryptocurrency in the world. The total market cap of Tether has surged significantly since the start of this year. “Starting immediately, we will begin accepting inbound transfers of Tether (USDT) to Coinbase Pro,” the announcement noted. The crypto industry has gained massive mainstream exposure this year amid a bullish bitcoin rally.
USDT trading on Coinbase Pro will begin on April 26.
The crypto exchange mentioned in its official statement that USDT trading would begin on or after 6 PM Pacific Time (PT) Monday, April 26, if liquidity conditions are met. Please note that Coinbase only supports ERC-20 USDT. Once sufficient supply of USDT is established on the platform, trading on our BTC-USDT, ETH-USDT, USDT-EUR, USDT-GBP, USDT-USD, and USDT-USDC, order books will launch in three phases, post-only, limit-only and full trading, it added. As reported earlier, Coinbase recently went public through a direct listing on Nasdaq under the ticker symbol of COIN. The company’s shares jumped nearly 30% on its debut but saw a correction in the following days.