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Author Topic: Newly Public Coinbase Lists Tetherís Controversial USDT for Pro Traders  (Read 155 times)

Offline Yakub Oloyede

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The move by an ever-regulated Coinbase could be read as vindication for Tether, long criticized as less-than-forthright about its financials.

Coinbase will list Tetherís USDT (-0.01%) on its professional trading platform, allowing investors to deposit the dollar-pegged stablecoin immediately and to begin trading next week.

Coinbase Pro announced late Thursday it would immediately allow ďinbound transfersĒ for USDT in its supported jurisdictions, except for the U.S. state of New York.

The stablecoin has been fraught with controversy over questions of its backing and its role in the broader Bitcoin ecosystem, and at one point was the subject of an inquiry by the Office of the New York Attorney General (NYAG).

The NYAG settled the inquiry this year, stating that at previous points USDT was not fully backed by U.S. dollars but declined to bring any enforcement or regulatory action.

Under the terms of the settlement, Tether will provide a periodic report to the NYAG indicating how the stablecoin is backed and what its reserves look like, starting in May.

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