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Coinbase Update: Adds USDT, Lists FORTH, COIN Price Shows no Improvement

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Coinbase Update: Adds USDT, Lists FORTH, COIN Price Shows no Improvement

This article summarizes recent news about Coinbase, including the addition of USDT, the listing of FORTH, and updates on COIN stock price.

Coinbase Adds USDT, Aiming to Attract More Users

Coinbase has announced that it will add USDT trading pairs on April 27 at 9 am Taiwan time, 18:00 on April 26 Pacific Time: BTC-USDT, ETH-USDT, USDT-EUR, USDT-GBP, USDT-USD, USDT-USDC.

The official statement includes two key points:

  1. USDT is only available in jurisdictions supported by Coinbase and does not include Bitfinex and Tether, which are prohibited from operating in New York State.
  2. USDT is limited to ERC-20 standard tokens on the Ethereum network.

Previously, Coinbase did not offer USDT trading pairs commonly seen on other cryptocurrency exchanges. Kraken, the second largest exchange in the U.S., not only serves as a major exchange for USDT to USD but also offers USDT trading pairs for other cryptocurrencies.

With the addition of USDT to USD trading pairs, Coinbase will compete with Kraken, FTX, Bitfinex, and Binance US in the USD deposit and withdrawal market. However, in terms of cryptocurrency trading, as Coinbase's announced USDT trading pairs only involve fiat currencies and BTC, ETH, and with higher trading fees, it may not attract users who were previously trading competing cryptocurrencies on other platforms.

Listing of Algorithmic Stablecoin Governance Token: FROTH

Ampleforth's AMPL is one of the original algorithmic stablecoins. On April 22, it announced the launch of the governance token FORTH, and Coinbase Pro quickly announced the listing on the same day.

The direct reason why AMPL's governance token is listed on Coinbase is because Coinbase's CEO, Brian Armstrong, is an investor in this cryptocurrency project:

Coinbase Stock COIN Struggles to Gain Momentum

Coinbase opened at $342, but as the U.S. stock market fell, it slid all the way to $291.6 at the close on the 23rd, with a market value of $58.087 billion, far from its initial valuation in the hundreds of billions.

This has led the exchange platform token BNB, with a market value of $78.5 billion, to surpass Coinbase's stock market value.