On Friday, Coinbase Custody rolled out support for Ethereum-based USDT (Tether). Currently, it supports three stablecoins USDC, DAI and Compound USD. ‘Coinbase effect,’ is a popular term in the crypto markets to explain the rise in the price of cryptocurrencies on the exchange listing.
In the last 10 days, the addition of two cryptocurrencies MakerDAO [MKR] and OmiseGo [OMG] have had a positive effect on their prices. The addition of OMG on Coinbase on 19th May followed an over 100% increase, while MKR (listed on yesterday) shot by 50% since the announcement. The arrow marks the day of the Coinbase listing announcement.
Now, as Coinbase announces the addition of USDT, one cannot fathom the direct implications of it.
Coinbase Custody International (CCI) now supports deposits and withdrawals for the ERC20 token Tether ($USDT) https://t.co/y4NV8jgtUP pic.twitter.com/DwcxXLrFc9
— Coinbase Custody (@CoinbaseCustody) May 29, 2020
However, the addition of the leading stablecoin could help the leading western exchange to expand in Asia. Prominent crypto…