After the much publicized litigation woes of Bitfinex, the firm behind the Stablecoin Tether (USDT), competitors have been looking for ways to cut into the market share of the 8th largest cryptocurrency base on market capitalization.
One of these cryptocurrencies is USD Coin (USDC) which is backed by Coinbase and Jeremy Allaire’s Circle which has started trading support in 85 countries.
According to Coinbase’s press release unlike other cryptocurrencies, each USDC is backed by $1 USD wit monthly transparency audits showing 100% USD backing.
The same cannot be said with Tether which has failed to provide any real proof to prove that indeed their Stablecoin is backed 1:1 by $ 1 USD, in fact the New York Attorney General’s office have filed a complaint against Tether’s mother company for minting several million USDT to cover its loses.
It seems that Coinbase’s expansion to 85 countries comes at an impeccable time in which it can provide an essential service and improve upon their most significant rival’s offering.
