Coinbase, one of the largest cryptocurrency firms in the industry, has published a blog post that tells users to “switch to the trusted and reputable digital dollar,” referring to the stablecoin asset usd coin. The company’s blog post specifically mentions switching the stablecoin asset tether over to usd coin, and the firm is offering “zero fees” to swap these two tokens.
On Thursday, Dec. 8, 2022, Coinbase shared a new blog post and tweeted the statement: “Switch to a trusted stablecoin: usd coin (USDC). Now convert tether (USDT) to USDC with zero fees.” The company’s blog post goes into more detail as it notes that customers can swap tether (USDT) for usd coin (USDC) “with zero fees.” The blog post notes that events that have taken place during the last few weeks have shaken the crypto industry’s trust.
“The events of the past few weeks have put some stablecoins to the test and we’ve seen a flight to safety,” Coinbase’s blog post explains. “We believe that [usd coin] (USDC) is a trusted and reputable stablecoin, so we’re making it more frictionless to switch: starting today we’re waiving fees for global retail customers to convert USDT to USDC.”
Coinbase’s statements gave crypto proponents the perception that the blog post was indirectly questioning Tether’s stablecoin, the current largest stablecoin asset by market cap today. “Shots fired. Bang bang,” the Twitter account known as Autism Capital replied to Coinbase’s tweet about the subject. A number of other crypto supporters disagreed with Coinbase’s statements. The strategy advisor at Vaneck, Gabor Gurbacs, opined that it was more likely people would choose USDT.
“Tether was the first stablecoin in the world and has been trusted by millions around the world since its inception,” Gurbacs said in a response to Coinbase’s tweet on Thursday. “In fact if you ask people outside a narrow group in the U.S. they’d pick tether over USDC,” Gurbacs added.
The Twitter account known as the Byzantine General wrote: “Not a good look. Also looks desperate. Makes me trust USDC a little less.” The operators of the decentralized finance (defi) platform Curve Finance found a humorous silver lining in the situation when the defi platform’s Twitter account tweeted:
Yes, let’s shift back and forth really often. Loving it.
The statements from Coinbase follow the recent auto-conversion from USDC to BUSD events at Binance and Wazirx. Furthermore, USDC’s market valuation has dropped a great deal during the past few months. USDC’s market cap tapped a high of more than 56 billion nominal U.S. dollars in June 2022.
Today, the USDC market cap is 23.57% lower at $42.80 billion. Tether’s market cap, however, has shrunk a great deal as well, sliding from a high of more than 83 billion nominal U.S. dollars to today’s $65.86 billion. Tether’s market cap hit the $83 billion high in April 2022 and now it’s 20.65% lower according to statistics recorded on Dec. 9, 2022.
What do you think about Coinbase’s recent statement regarding switching over from tether to usd coin? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Fidelity Investments Launches Crypto, Metaverse ETFs — Says 'We Continue to See Demand'
Fidelity Investments, one of the largest financial services firms with more than $11 trillion under administration, is launching exchange-traded funds (ETFs) focusing on the crypto ecosystem and the metaverse. "We continue to see demand, particularly from young investors, for access ... read more.
Coinbase, one of the largest cryptocurrency firms in the industry, has published a blog post that tells users to “switch to the trusted and reputable digital dollar,” referring to the stablecoin asset usd coin. The company’s blog post specifically mentions switching the stablecoin asset tether over to usd coin, and the firm is offering “zero fees” to swap these two tokens.
On Thursday, Dec. 8, 2022, Coinbase shared a new blog post and tweeted the statement: “Switch to a trusted stablecoin: usd coin (USDC). Now convert tether (USDT) to USDC with zero fees.” The company’s blog post goes into more detail as it notes that customers can swap tether (USDT) for usd coin (USDC) “with zero fees.” The blog post notes that events that have taken place during the last few weeks have shaken the crypto industry’s trust.
“The events of the past few weeks have put some stablecoins to the test and we’ve seen a flight to safety,” Coinbase’s blog post explains. “We believe that [usd coin] (USDC) is a trusted and reputable stablecoin, so we’re making it more frictionless to switch: starting today we’re waiving fees for global retail customers to convert USDT to USDC.”
Coinbase’s statements gave crypto proponents the perception that the blog post was indirectly questioning Tether’s stablecoin, the current largest stablecoin asset by market cap today. “Shots fired. Bang bang,” the Twitter account known as Autism Capital replied to Coinbase’s tweet about the subject. A number of other crypto supporters disagreed with Coinbase’s statements. The strategy advisor at Vaneck, Gabor Gurbacs, opined that it was more likely people would choose USDT.
“Tether was the first stablecoin in the world and has been trusted by millions around the world since its inception,” Gurbacs said in a response to Coinbase’s tweet on Thursday. “In fact if you ask people outside a narrow group in the U.S. they’d pick tether over USDC,” Gurbacs added.
The Twitter account known as the Byzantine General wrote: “Not a good look. Also looks desperate. Makes me trust USDC a little less.” The operators of the decentralized finance (defi) platform Curve Finance found a humorous silver lining in the situation when the defi platform’s Twitter account tweeted:
Yes, let’s shift back and forth really often. Loving it.
The statements from Coinbase follow the recent auto-conversion from USDC to BUSD events at Binance and Wazirx. Furthermore, USDC’s market valuation has dropped a great deal during the past few months. USDC’s market cap tapped a high of more than 56 billion nominal U.S. dollars in June 2022.
Today, the USDC market cap is 23.57% lower at $42.80 billion. Tether’s market cap, however, has shrunk a great deal as well, sliding from a high of more than 83 billion nominal U.S. dollars to today’s $65.86 billion. Tether’s market cap hit the $83 billion high in April 2022 and now it’s 20.65% lower according to statistics recorded on Dec. 9, 2022.
What do you think about Coinbase’s recent statement regarding switching over from tether to usd coin? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Fidelity Investments Launches Crypto, Metaverse ETFs — Says 'We Continue to See Demand'
Fidelity Investments, one of the largest financial services firms with more than $11 trillion under administration, is launching exchange-traded funds (ETFs) focusing on the crypto ecosystem and the metaverse. "We continue to see demand, particularly from young investors, for access ... read more.
Dubai, December 9th – Zogi Labs, a pioneering crypto company & gaming studio famously known for the BEZOGE token and the up-and-coming crypto-based MMORPG, The Legends of Bezogia today launches their new ZOGI token on Cronos, BNB Chain & Ethereum. The ZOGI token is a wrapped version of the primary BEZOGE token optimized for the Zogi Labs decentralized ecosystem. From day one of launch, ZOGI will be available on Cronos, BNB Chain & Ethereum, rapidly boosting the exposure of the token which can now be wrapped and moved between chains instantly, with very low gas fees using the upcoming Zogi Bridge.
“With the launch of ZOGI on Cronos, BNB Chain & Ethereum, we’re taking our native token BEZOGE to the next level by allowing users to wrap their BEZOGE into ZOGI and bridge it quickly and securely between chains. ZOGI expands our ecosystem to multiple chains, and we expect to see massive growth and exposure, giving our dedicated community the flexibility they need to increase the utility of their BEZOGE & ZOGI tokens.” Steve Murray, CEO, Zogi Labs
Wrap & bridge in Zogi Hub
The Zogi Hub acts as a portal for everything Zogi. Within the decentralized application, users will be able to access all Zogi products in one place, with the Wrapper and Bridge being available first.
Wrapping allows BEZOGE holders to wrap their tokens into ZOGI at a 1 to 1 billion ratio. ZOGI can then be bridged to one of the new chains (Cronos / Ethereum / BNB Chain) using the fast & secure Zogi Bridge. The bridge, developed in-house gives Zogi holders total control over the bridging process, maximizing security and transparency with every transaction, letting customers bridge between chains with ease and comfort in a single click.
Why ZOGI is good for BEZOGE holders
The launch of ZOGI gives current and new BEZOGE holders the flexibility to hold their tokens on three different chains, as opposed to just one. With the goal of being chain agnostic, multi-chain ZOGI presents holders with the following benefits:
The only way to mint ZOGI is by locking BEZOGE into the wrapping contract, ZOGI can also be unwrapped at the same rate so that users can reap the benefits of both tokens.
Learn more about how ZOGI works by reading the full whitepaper.
Click to buy ZOGI on Cronos
Click to buy ZOGI on BNB Chain
Click to buy ZOGI on Ethereum
For more information on Zogi Labs please visit http://www.zogilabs.io.
Press Contact
press@bezoge.com / Malcolm Russell
###
About Zogi Labs Ltd.:
Founded in 2021, Zogi Labs Ltd, previously known as Bezoge Earth, under the game title of The Legends of Bezogia is an emerging cross-platform MMORPG play & earn blockchain game, available in beta on PC, with support for iOS and Android devices coming soon.
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Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'
The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.
Source From : News