THE Coinbase (COIN) announced a service that enables conversion between stablecoins USDT and USDC without fees. In the ad, the company pins the competitor Tether (USDT)🇧🇷 “Switch to a trusted stablecoin: USD Coin (USDC). Now convert Tether (USDT) to USDC with no fees.”
Switch to a trusted stablecoin: USD Coin (USDC). Now convert Tether (USDT) to USDC with zero fees.https://t.co/OObSqNWdpj
— Coinbase (@coinbase) December 8, 2022
“USDC is one of the most trusted and reputable digital dollars, fully backed by high quality reserves. Convert your USDT to USDC, now with no fees,” reads the ad. Coinbase is the co-founder of Circle, the issuer of the USDC stablecoin.
Also in the announcement of the service, Coinbase states that it believes that USD Coin (USDC) is “a reliable and reputable stablecoin”, and therefore the service seeks to facilitate the exchange.
“Starting today, we are waiving fees for global retail customers to convert USDT to USDC.”
Paolo Ardoino, CTO of Tether (USDT) countered the marketing with some responses to users made in the publication itself.
One of the users comments: “So @coinbase wants to do me a favor by accepting all my USDT and giving me USDC with no fees? But if I think 1 more step ahead, it seems to me [email protected] wants to take all my USDT and give me crap USDC.”
Ardoino responds by saying that he is living in the 3000s, in reference to being more forward thinking.
Ser, you live in the year 3000
— Paolo Ardoino 🍐 (@paoloardoino) December 9, 2022
Gabor Gurbacs, founder of a play-to-earn game, shared a post by Ardoino, which shows a screenshot of the increase in USDT trading since the Coinbase announcement:
“Coinbase’s marketing strategy is working. People are finally learning that Tether (USDT) is available on Coinbase. Most didn’t really know,” he says. Ardoino reposted the post on his profile.
Source: Moneytimes
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