Coinbase Custody Adds Support for USDT, Why Is it a Big Deal for Crypto Markets?

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.

omg usdt charts
OMG/USD and MKR/USDT Daily Chart (TradingView)

Now, as Coinbase announces the addition of USDT, one cannot fathom the direct implications of it.

However, the addition of the leading stablecoin could help the leading western exchange to expand in Asia. Prominent crypto…

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