• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: BREAKING: Saylor's Strategy Misses S&P 500 Inclusion, Robinhood Takes Spotlight
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: BREAKING: Saylor's Strategy Misses S&P 500 Inclusion, Robinhood Takes Spotlight
Coinbase Tether USDT USDC

Coinbase Questions Tether Reserves, Aks Users To Switch USDT To USDC

Jake Simmons
by Jake Simmons
2 years ago
·
Posted in Coinbase
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Let the stablecoin war begin! In a controversial move, leading American exchange Coinbase has urged its users to switch their Tether (USDT) to USD Coins (USDC).

In a blog post titled “Switch to the trusted and reputable digital dollar,” Coinbase writes that USDC is “one of the most trusted and reputable digital dollars, fully backed with high-quality reserves.”

To incentivize users, Coinbase has waived the trade fees for USDT/USDC all global retail customers.

In reference to the disastrous events of this year, the exchange states that stability and trust are of “utmost importance.” And fiat-backed stablecoins offer stability and confidence in times of increased volatility. It goes on to say:

However, the events of the past few weeks have put some stablecoins to the test and we’ve seen a flight to safety. We believe that USD Coin (USDC) is a trusted and reputable stablecoin,

Coinbase Follows Binance Into Stablecoin War

However, the decision by Coinbase should not be seen as a purely philanthropic one.

The U.S. exchange is following the lead of Binance, which introduced an auto-conversion feature from USDC to BUSD in September to bolster its own stablecoin. Since then, BUSD’s share of the stablecoin market has grown massively.

Coinbase, along with Circle, is the founder of the CENTRE consortium that launched USDC. Compared to Tether, the joint venture promotes its own stablecoin as “unique.”

The reasoning behind this is that USDC is backed 100% by cash and short-term U.S. Treasury bonds held in U.S.-regulated financial institutions. “It’s always redeemable 1:1 for U.S. dollars,” Coinbase claims.

Related Reading: Federal Prosecutors Investigate FTX Founder Bankman-Fried Over UST/Luna Collapse

In addition, Grant Thornton LLP, one of the largest U.S. accounting, tax and advisory firms, provides monthly confirmation of reserves.

Tether publishes quarterly audit reports and is posting the results online on its website. According to the most recent audit, Tether tokens are fully backed by reserves, but unlike USDC.

Some 82.45% are cash, other short-term deposits and commercial papers, 9.02% secured loans (none to affiliates), 4.69% corporate bonds, funds and precious metals, and 3.85% other investments (including digital tokens).

Tether FUD?

The rumors and speculations about insufficient coverage of USDT are almost as old as the crypto market itself. In the past few years, Tether truthers have tried to prove that USDT is a scam.

However, so far Tether has survived every attack and every bear market. Remarkably, USDT is the oldest of all stablecoins.

Related Reading: By The Numbers: How Many Millions Did Mr. Wonderful Lose In FTX Catastrophe?

Tether claims that there is a “coordinated” conspiracy against their company. Tether CTO Paolo Arduino has yet to personally comment on Coinbase’s decision.

On Twitter, he has only retweeted voices jumping on his side. Gabor Gurbacs, founder of the PointsVille app and strategy consultant at VanEck/MVIS wrote:

Tether was the first stablecoin in the world and has been trusted by millions around the world since its inception. In fact if you ask people outside a narrow group in the US they’d pick tether over USDC.

James Viggiano pointed out the merit of Tether in terms of the Bitcoin ecosystem.

Yes. We #bitcoin https://t.co/pA07bmPPUR

— Paolo Ardoino 🍐 (@paoloardoino) December 9, 2022

At press time, the Bitcoin price seemed unfazed by the new USDT speculation initiated by Coinbase. BTC was trading at $17,200.

BTC USD 2022-12-09 Coinbase
Bitcoin price, 4-hour chart. Source: TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Jake Simmons

Jake Simmons

Follow

Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

Full Profile

Related Posts

Coinbase

US Court Grants Stay In Coinbase Biometric Data Lawsuit — Details

1 week ago
Coinbase

Coinbase’s US Training & Citizenship Rule To Thwart North Korean Threat

2 weeks ago
Coinbase Brings DEX Trading Unlocking Millions Of Assets For US Users

Coinbase Brings DEX Trading, Unlocking Millions Of Assets For US Users

3 weeks ago
Base Explains Network Disruption: Sequencer Glitch Led To 33-Minute Block Production Halt

Base Explains Network Disruption: Sequencer Glitch Led To 33-Minute Block Production Halt

4 weeks ago
Coinbase Plans $2 Billion Private Convertible Note Offering Following Q2 Results

Coinbase Plans $2 Billion Private Convertible Note Offering Following Q2 Results

1 month ago
Coinbase

Crypto Giant Coinbase’s UK Ad Stirs Both Controversy And Applause—Details

1 month ago

Premium Sponsors

Press Releases

  • minwer

    XRP Holders Can Earn $10,000 a Day Through COME...

    10 hours ago
  • BTC prices hit a two-week high, and holders flocked to GMO...

    10 hours ago
  • miner

    Cardano (ADA) Market Outlook: Long-term Potential Passive...

    11 hours ago
  • etnminer

    How to Play to Earn Crypto in 2025: Discover 6 Most...

    16 hours ago
  • miner

    BAY Miner Cloud Mining App Launches with ETH and BTC Users...

    17 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.