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USDT Debuts on Coinbase, CTO Ardoino Explains Why This Is Important

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Tue, 05/04/2021 - 11:58
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Vladislav Sopov
World's most liquid stablecoin is now available in both pro and retail arms of Coinbase. CTO of Bitfinex and Tether, Paolo Ardoino, explained what this means for crypto scene
USDT Debuts on Coinbase, CTO Ardoino Explains Why This Is Important
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One day after listing on Coinbase Pro, the main retail department of leading U.S.-based crypto exchange Coinbase adds Tether (USDT) to its trading suite.

USDT added to Coinbase

Starting from today, May 4, 2021, Coinbase exchange adds support for Tether (USDT) in its applications and web interface. USDT will be available in the majority of Coinbase's jurisdictions, with the exception of New York State.

USDT added by Coinbase
Image via Twitter

To start with, Coinbase adds the ERC-20 version of Tether (USDT) based on the Ethereum (ETH) blockchain. Blockstream CEO Adam Back immediately claimed that the Liquid version of USDT is also needed by the platform.

In late April, Coinbase added USDT to the toolkit of its Pro version. However, due to technical issues with APIs, USDT trading on Coinbase Pro started only yesterday, on May 3.

Paolo Ardoino teases opportunities for "decade"

Bitfinex and Twitter CTO Paolo Ardoino emphasized the importance of this release for the entire cryptocurrencies ecosystem.

According to him, it opens massive opportunities in terms of borderless arbitrage between platforms.

He stressed that this was among the main rationales for the USDT launch seven years ago:

#tether was born in 2014 exactly for this use case: making arbitrage across exchanges faster. After 7 years, in 2021 all exchanges will be all tethered by a common, high liquidity stablecoin.

Meanwhile, in 2021, the demand for USDT is huge: the token is used on exchanges, in DeFis and even outside the crypto segment.

Finally, Mr. Ardoino teased a number of "spin-offs and investments" that should be part of a massive strategy set to open "mind-blowing opportunities for the next decade."

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)