Coinbase to Waive Fees for Converting Tether Stablecoins to USDC
- Coinbase cites ‘flight to safety’ after collapse of FTX
- USDC’s circulation has fallen after Binance September move
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Coinbase Global Inc. waived fees for converting Tether Holdings Ltd.’s stablecoin USDT for the token Coinbase backs, as competition heats up among the three biggest issuers of such digital assets.
In a blog post on Friday, Coinbase sought to portray stablecoin USDC as a safer asset amid the turmoil unleashed by the collapse of crypto exchange FTX a month ago. USDC, which Coinbase co-founded together with Circle Internet Financial Plc in 2018, has seen its circulation drop by almost $10 billion since early September, data from CoinGecko show.