Coinbase Pro will list Tether’s USDT stablecoin on its platform, shortly after Tether settled with the New York Attorney General’s office as reported in the previous Tether news.
Coinbase is the most recognizable exchange in the US, especially after the recent public listing on Nasdaq. Now, Coinbase Pro will list Tether to its platform.
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The largest stablecoin by market cap just settled an investigation with the New York Attorney General’s office about potentially illicit loans between it and the Bitfinex exchange.
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The loan saw Bitfienx get access to a $900 million cash reserves fund in USDT to cover the shortfall when the payment processor Crypto Capital made off with about $850 million. This led to questions about whether Tether is fully backed with the USD as the dollar-pegged stablecoin claimed. Tether revised the position to assert that though Tether is pegged to the dollar, it is also backed by reserves that include traditional currency and cash equivalents. A few weeks ago, it published an attestation from the Cayman Islands according to a company that stated it had enough reserves to cover the liabilities.
Today’s press release showed that Coinbase doesn’t quite endorse the Tether assertions but references them:
“For stablecoins like USDT, the company behind the protocol is responsible for holding reserves that fully back each token. The company behind Tether, Tether Limited, claims to hold reserves that fully back each USDT.”
The move is something like a surprise given the above-board reputation as former chief legal officer Brian Brooks went on to oversee the US banks as the US Comptroller of the Currency. The company also helped form an industry trade group to lobby legislators. The exchange also went public as reported via direct listing this month and put it squarely within the mainstream of finance pledging a commitment to transparency whereas Tether was dodged by the New York investigation for a few years no. As a part of the settlement, Tether agreed not to operate in the state which means it will not be available to the New York Coinbase users.
So this is actually the most bullish piece of news I've seen in a long time.
This strongly legitimatizes Tether, which underpins huge price action, and now makes arbitrage to non-fiat exchanges more direct which is huge for capital flows. https://t.co/mv6Ydgg9WE
— Adam Cochran (@adamscochran) April 22, 2021
Tether is seemingly in the clear as the token’s $49 billion market cap was a bit too much for the exchange to ignore. Investor Adam Cochran wrote that “This strongly legitimatizes Tether, which underpins huge price action, and now makes arbitrage to non-fiat exchanges more direct which is huge for capital flows” but lawyer Stephen Palley believes that this delegitimizes Coinbase on the other hand.
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