Coinbase, the largest cryptocurrency exchange in the US, features Tether (USDT) on its professional trading platform.
According to Thursday’s announcement, Coinbase Pro has activated USD deposits prior to trading scheduled for Monday. The company said trading will begin if liquidity conditions are met, confirming that Coinbase only supports the USDT ERC-20 version running on the Ethereum blockchain.
“ Once enough USDT is installed on the platform to trade BTC-USDT, ETH-USDT, USDT-EUR, USDT-GBP, USDT-USD and USDT-USDC, the order books will be launched in three stages: only after of this, only limited trading and complete, ” wrote Coinbase.
Coinbase has confirmed that USDT is not yet available on its Coinbase.com retail platform or consumer mobile apps. Coinbase noted, “We will make a separate announcement if and when this support is added.”
Trading USDT on Coinbase Pro is now available to residents of countries including the US (excluding New York State), EU, UK, Canada, and Singapore.
By including Tether on its professional platform, Coinbase appears to indicate that the Nasdaq-listed cryptocurrency exchanges are not concerned about previous regulatory issues surrounding stablecoin or a long-standing controversy over the validity of Tether support.
In February, Tether and a subsidiary of Bitfinex parted ways with the New York State Attorney’s Office over accusations that they misrepresented the degree of support for USDT with established guarantees. As part of the settlement, New York City regulators forced companies to pay $ 18.5 million in damages in addition to periodic reporting of their reserves.
Paolo Arduino, CTO at Bitfinex, told Cointelegraph: “We are grateful to Coinbase for the decision to add Tether (USDt) ERC-20 tokens to the Coinbase Pro platform. This happens as we approach $ 50 billion in market value and introduce a new Step Forward. Moving forward as our society expands. As a more flexible, stable and reliable stacking coin, Tether plays an important role in the new digital token ecosystem. Merchants and developers love using Tether. Coinbase authentication means creating an important new bridge for the regular adoption of cryptocurrencies. ”
Coinbase has removed previously under regulatory control of the coins. At the end of 2020, Oslo Børs stopped trading XRP in response to the US Securities and Exchange Commission filing legal action against Ripple.
Coinbase did not immediately respond to Cointelegraph’s request for comment.