Coinbase has added the largest stablecoin by market cap, Tether (USDT), to its platform, and trading functionalities are already available.
Coinbase listed Tether (USDT) on May 4 according to a company released blog post. The addition has been a long time coming, given that USDT has a market cap of over $50 billion. The asset will be available on the Coinbase online platform as well as Android and iOS Coinbase apps.
While the listing may seem a bit late, Coinbase has been careful in adding assets to its platforms. It has exercised caution, not wanting to endanger either consumers or upset regulators.
The company recently went public, marking an important moment for the cryptocurrency market. As a public company, Coinbase will have to take extra precautions with respect to any of its actions.
Coinbase had made it a point to add more assets in the past 18 months, and to that end, has added some of the most popular tokens on the market. Recent additions include Yearn Finance (YFI), OMG Network (OMG), and Decentraland (MANA). The additions help Coinbase as it attempts to go global, as well as compete against domestic rivals like Gemini.
Tether market cap hits $50 billion
Meanwhile, Tether has seen its market cap surge to new highs alongside Ethereum. The current market cap sits at roughly $52 billion, with an all-time high of $53 billion. This has occurred despite it seeing a fair share of controversies in the past, most notably over concerns over its fiat backing.
Tether claims to have enough in cash to back the massive valuation, which investors have been doubtful about for years. It sparked further worry when it began minting millions of new tokens last year.
None of this has shaken the market so far. Even MicroStrategy CEO Michael Saylor believes that it’s all FUD (fear, uncertainty, and doubt) that will not have an impact on Bitcoin.
Tether has also been subject to a handful of lawsuits, the last prominent one relating to price manipulation. Officials denounced it, saying that the accusations were baseless.
At any rate, Tether will likely continue to do well going forward, and there is no shortage of demand for stablecoins.