Coinbase Welcomes Tether: What It Means for Crypto Trading

Coinbase Pro Adds Tether (USDT) to Its Trading Platform

In an exciting development for crypto traders, Coinbase Pro has officially announced the listing of Tether (USDT) on its professional trading platform. The company made a splash with its Thursday announcement, revealing that USDT deposits are now enabled, just in time for the trading launch set for Monday. The catch? They’re keeping it stylishly Ethereum, only offering the ERC-20 version of USDT.

The Trading Timeline: Phases of Launch

Coinbase isn’t just diving headfirst into trading without a plan. Once they have enough USDT on the platform to satisfy their liquidity conditions, trading will roll out in a well-structured three-phase approach:

• Post-only phase: Time to drop those buy orders without the chaos of selling.
• Limit-only phase: A chance to refine your trades to better suit the market.
• Full trading phase: The grand finale where everything goes live!

Where Can You Trade USDT?

Hold onto your hats, as USDT trading on Coinbase Pro becomes available for residents across several countries! However, New York state residents will need to sit this one out (sorry, folks!). Here’s a quick list of where USDT is ready for action:

• United States (excluding New York)
• European Union
• United Kingdom
• Canada
• Singapore

Controversies and Concerns: A Brave New World

Now, while Tether has been a topic of controversy—especially with its past regulatory troubles—you’d think Coinbase would shy away. Nope! In fact, this move signals that Coinbase is ready to roll with the punches. Remember back in February when Tether and Bitfinex had to part with $18.5 million over some troubling claims about their fiat backing? Well, that seems to be water under the bridge for this crypto exchange.

Industry Insights: What Experts Are Saying

Bitfinex’s CTO, Paolo Ardoino, was positively beaming about Coinbase’s decision. He said, “We are gratified by Coinbase’s decision to add Tether tokens (USDt) on ERC-20 to its Coinbase Pro platform…As the most liquid, stable and trusted stablecoin, Tether is playing a key role in the emerging digital token ecosystem.” Sounds like a stamp of approval, doesn’t it?

Looking Ahead: What’s Next for Coinbase?

Coinbase has a track record of playing it safe, having previously removed coins amidst regulatory scrutiny, such as their infamous halting of XRP trading. As for whether USDT will eventually grace the retail side of Coinbase? That remains a mystery, as they haven’t spilled the beans just yet. If you’re hungry for updates, hang tight—an announcement will follow should further support be added.

In the wild world of cryptocurrency, the addition of Tether to Coinbase Pro kicks off yet another chapter. Stay sharp, traders; the game just got a little more interesting!