Coinbase tells customers to switch to stablecoin it cofounded—without fees

Brian Armstrong (Credit: David Swanson—Reuters)

Crypto exchange Coinbase has soured on Tether’s USDT, and it’s telling its customers to instead switch to the stablecoin it cofounded—with no fees.

In a reference to FTX’s financial implosion last month, the company wrote in a Thursday blog post that the fallout has “put some stablecoins to the test.” USDT briefly lost its 1-to-1 peg to the U.S. dollar after FTX collapsed, but regained it days later.