The popular US cryptocurrency exchange, Coinbase Pro, has announced the addition of Tether (USDT) stablecoins to its trading platform. This means the world’s most popular stablecoin can now be traded on the Coinbase exchange. However, Tether (USDT) is limited to the Coinbase Pro version and not available on regular Coinbase exchange yet. The USDT addition is timely, as Tether is reaching a circulating supply of an all-time high of $50 billion, and Coinbase, recording impressive growth in trading volume and market capitalization.
The exchange announced:
“Starting immediately, we will begin accepting inbound transfers of Tether (USDT) to Coinbase Pro.”
Coinbase added that USDT will be available in the exchange’s approved jurisdiction, except in New York State. The announcement also revealed that Coinbase is only offering support for ERC-20 USDT running on the Ethereum blockchain.
Tether is approaching a market cap of $50 billion
Being the top-rated stablecoin globally, Tether is approaching a market capitalization of nearly $50 billion. The token’s market cap has surged to a remarkable height since the beginning of the year. Coinbase also stated that trading on the USDT pairs would be rolled out in three phases: post-only, limit-only, and full trading phases.
The proposed USDT pairs include USDT-USDC, USDT-USD, USDT-GBP, USDT-EUR, ETH-USDT, and BTC-USDT.
Coinbase has also reported an impressive increase in trading volume due to the influx of institutional and retail traders in the crypto market. During the first quarter of the year, the company’s revenue grew to $1.8 billion. It is an American-based crypto exchange and one of the largest digital exchanges in the world.
Besides that, the exchange expanded support for other tokens when it debuted via a direct listing on Nasdaq last week. It recently listed several other tokens, including Cardano (ADA), Curve DAO Token (CRV), Origin Token (OGN), NKN (NKN), Enjin Coin (ENJ), and Storj (STORJ).