Coinbase Custody Adds Support for USDT, Why Is it a Big Deal for Crypto Markets?
On Friday, Coinbase Custody rolled out support for Ethereum-based USDT (Tether). Currently, it supports three stablecoins USDC, DAI and Compound USD. ‘Coinbase effect,’ is a popular term in the crypto markets to explain the rise in the price of cryptocurrencies on the exchange listing.
In the last 10 days, the addition of two cryptocurrencies MakerDAO [MKR] and OmiseGo [OMG] have had a positive effect on their prices. The addition of OMG on Coinbase on 19th May followed an over 100% increase, while MKR (listed on yesterday) shot by 50% since the announcement. The arrow marks the day of the Coinbase listing announcement.
Now, as Coinbase announces the addition of USDT, one cannot fathom the direct implications of it.
— Coinbase Custody (@CoinbaseCustody) May 29, 2020
However, the addition of the leading stablecoin could help the leading western exchange to expand in Asia. Prominent crypto…