Coinbase Pro, the platform for institutional investors owned by crypto exchange Coinbase, has just announced it is listing the popular stablecoin Tether (USDT).
Coinbase, which last week started trading on the NASDAQ via a direct listing, has once again grabbed all the headlines by adding Tether (USDT) to the list of assets it supports.
Notably, the platform will only support the "version" of Tether that runs on the Ethereum network and which is based on the ERC-20 standard, while other versions of Ether circulating on other blockchains, such as Tron, will not be supported.
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According to the announcement, "support for USDT will generally be available in Coinbase’s supported jurisdictions, with the exception of New York State. Trading will begin on or after 6PM Pacific Time (PT) Monday April 26, if liquidity conditions are met. Please note that Coinbase only supports ERC-20 USDT running on the Ethereum blockchain."
The news comes two months after Tether, the USDT operator, reached a settlement with the New York attorney general following a years-long investigation. As part of that settlement, Tether and Bitfinex will pay $18.5 million, and Tether will submit quarterly documentation to the NYAG on the backing of USDT reserves.