What Happened: In a blog post on Thursday, Coinbase said that USDC is fully backed with “high-quality reserves.”
The company highlighted that recent events have put a spotlight on stablecoins and expressed confidence in the USD coin as a "trusted and reputable" one. To demonstrate this trust, Coinbase announced that it is “waiving fees for global retail customers to convert USDT to USDC,” as stated in their blog post.
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“Customers are calling for transparency, and USDC delivers via monthly attestations by Grant Thornton LLP, one of America’s largest audit, tax, and advisory firms. Plus, eligible customers globally earn up to 1.5% APY on their USDC holdings with Coinbase,” the exchange noted.
Price Action: The apex crypto Bitcoin (CRYPTO: BTC) was trading at $17,221.07, up 2.45% in the past 24 hours, according to Benzinga Pro.
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