Tether Stablecoin (ERC20) started trading on Coinbase Pro
Coinbase, the largest U.S. cryptocurrency exchange, which recently conducted an IPO through a direct sale of its shares, announced that it has opened trading in Tether staplecoins on the Coinbase Pro platform.
Tether Stablecoins (USDT), which have a 1:1 price parity with the U.S. dollar, are issued based on various blockchains: bitcoin (using Omni Layer Protocol), Ethereum, Solana, Tron, Bitcoin Cash, EOS, Liquid and Algorand. USDT based on Ethereum blockchain are ERC20 class tokens, and only such digital assets were allowed to be listed by Coinbase Pro. Meanwhile, the total number of USDTs issued based on the Tron blockchain recently surpassed the number of ERC20-class USDTs.
Analysts are attracted by the fact that the capitalization of USDT continues to grow rapidly – it is now over $50 billion, of which $26 billion USDT was issued based on Tron (USDT TRC20) and $24.4 billion was issued based on Ethereum. Lower fees with USDT TRC20 compared to USDT ERC20 have led to the former’s growing popularity. The main stocks of USDT TRC20 are currently concentrated on the cryptocurrency exchanges Binance, Huobi and OKEx.
The share of all types of USDT in the total volume of USDT stackcoins remains dominant and is now about 66%. USDC (17%) and BUSD (9%) are in second and third place.
Meanwhile, some experts believe that a large issue of staplecoins may be a factor in the growth of bitcoin prices and the cryptocurrency market as a whole. At the same time, there is a debate about how secure key staplecoins are backed by dollar reserves. However, the market impact of such digital assets cannot be overestimated: Bitcoin alone is currently hovering around one trillion dollars, several times the amount of all issued dollar stakes.
