A few days after going public, Coinbase Pro announced in a statement that it would allow the trade of Tether coin. The move is considered a significant development as previously, the digital asset exchange would only back its stablecoin USDC.
Except for the New York state, the USDT ERC-20 will be available in the exchange’s jurisdictions, the statement said. And if the liquidation conditions are successfully met, the trading will begin next week. According to the official statement, the following pairs would be available for investors: BTC/USDT, ETH/USDT, USDT/EUR, USDT/GBP, USDT/USD, and USDT/USDC.
Although the the digital asset is not available on the Coinbase main exchange, it is accessible to Pro users, which is more suitable for institutional and professional investors. The significant milestone for the Tether coin comes as it hit all-time high circulation supply. As per a recent report, nearly 49.5 billion of the coin are in circulation.
While $26 billion of the total Tether’s USDT is based on Tron, most of the remainder is based on Ethereum. Amidst a surge in the DeFi market, the demand for stablecoins has increased a whopping 137 percent. On the other hand, USDC recorded a significant surge in demand, topping 244 percent since the beginning of this year. A total of 13.4 billion USDC is in circulation.
Yet, BUSD, the third-largest stable coin in the crypto world, topped that chart when it comes to an increase in demand. With a current circulation of nearly 7 billion, its demand increased a staggering 600 percent, thanks to Binance’s smart chain.