Coinbase Custody added to listing …

Coinbase Custody added to listing …

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Contents

Coinbase Custody has added ERC20-based USDT to its listing. Users don’t understand why
CONTENT

  • Coinbase Custody Announces ERC20-Based USDT Support, Later Removed Announcement.

  • USDT is still listed on the official website as a supported asset.

  • The hype around USDT is gaining momentum.

International consortium of news organizations, developing standards for transparency.

Most likely, the custodian will charge large fees for storing the token and not everyone understands what exactly.

Cryptocurrency custodian Coinbase Custody, owned by the major American crypto exchange Coinbase, announced the listing of the stablecoin Tether (USDT) based on ERC20.

Users can now store USDT based on the Ethereum blockchain in the largest cryptocurrency custodian on the market.

The company announced this on its Twitter page, but soon deleted the post. At the time of this writing, a saved copy of the announcement can be found on the social platform of the Bitfinex crypto exchange – Plus.

Despite the fact that the custodian deleted the announcement, stablecoins – literally translated from English – “stable” coins – continue to gain popularity in the digital asset market. With … More is still listed in the list of supported assets on the main page of the official website.

Unlimited greed

In the first hours after the announcement, users raged with indignation at the custodian, which is known for its highest commissions on the market..

Earlier, the editorial staff of BeInCrypto already wrote that the Coinbase exchange charges exorbitant fees against the background of its closest competitors – Binance, Bitfinex and Kraken.

A particular misunderstanding was caused by the fact that the USDT stablecoin based on ERC20 can be stored absolutely freely without any commission costs on any hardware wallet..

Coinbase Custody added to listing ...

In addition to this, ERC20-based USDT is supported by all online wallets that allow you to store ether (ETH) cryptocurrency..

Catching the train

Coinbase’s desire to add a well-known stablecoin to the listing has more than obvious interest. Recently, many participants in the cryptocurrency market began to pay attention to the explosive growth in demand for stablecoins..

At the same time, the main favorite remains Tether, whose capitalization has already skyrocketed to $ 8.8 billion.

USDT became especially popular with the arrival of support for the ERC20 standard. 

If previously users had to go through the KYC verification process, now members of the crypto community can simply convert any asset based on ERC20 into USDT.

However, Tether hasn’t always been this popular..

Coinbase Custody added to listing ...

So, for example, back in 2015, the founder of stablecoin tried to sell the project to the large American bank Goldman Sachs, but then the financial institution did not see the potential in the digital analogue of the dollar..

What do you think? Would you pay fees to store USDT if you can store it on any other wallet? Share with us with our thoughts in the comments and join the discussion in our Telegram channel.

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