Tl;dr: USDC is one of the most trusted and reputable digital dollars, fully backed with high-quality reserves. Convert your USDT to USDC, now with zero fees.
, December 8, 2022
Now more than ever, stability and trust are of the utmost importance to customers. Fiat-backed stablecoins (cryptocurrencies pegged to reserve assets like the U.S. dollar) provide customers stability and confidence during times of volatility. However, the events of the past few weeks have put some stablecoins to the test and we’ve seen a flight to safety. 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.¹
We co-founded USDC in 2018 with the vision of creating a more open, global financial system. USDC is unique in that it’s 100% backed by cash and short-dated U.S. treasuries held in U.S. regulated financial institutions. It’s always redeemable 1:1 for U.S. dollars. Customers are calling for transparency, and USDC delivers via monthly attestations by Grant Thornton LLP, one of America’s largest audit, tax, and advisory firms. Plus, eligible customers globally² earn up to 1.5% APY³ on their USDC holdings with Coinbase.
To convert USDT to USDC, find your USDT holdings on the Assets tab of www.coinbase.com or your Coinbase mobile app. Tap Trade, then tap Convert. Enter the amount of USDT you’d like to convert and select USDC as the asset.
At Coinbase, we’re focused on stability and trust. Today’s announcement represents one step on that journey - enabling global customers to convert USDT to USDC with no fees. We’ll keep working to give our customers safe, responsible ways to hold and grow their crypto.
¹ No commission fee or spread for USDT to USDC conversions on Coinbase Simple Trade in eligible regions, until further notice. Conversion rate is determined at trade execution, and is subject to market volatility. Not investment advice. Standard fees apply on Coinbase Advanced Trade, Prime, and Exchange. Coinbase Exchange fees are defined here and Coinbase Exchange Liquidity Program fees are defined here.
² See eligible regions here.
³ The rewards rate is subject to change and can vary by region. Customers will be able to see the latest applicable rates directly within their accounts.
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