Coinbase Enables Tether Stablecoin Trading for All Users

The exchange confirmed in a release that it would only be supporting the Ethereum version of Tether and not alternative blockchains like EOS, Tron or Algorand.

article-image

Source: Shutterstock

share
  • Tether is the world’s largest stablecoin with a market cap of $52 billion
  • The stablecoin was once a subject of an inquiry by the New York Attorney General’s office, but the two settled in February for a $18.5 million fine

Everyone but New Yorkers can now trade Tether on Coinbase, the US’ first publicly-listed digital assets exchange, the company announced in a release. 

Coinbase initially added support for Tether on its institutional-focused Pro platform earlier this week before enabling support for general users early Tuesday morning US time. This launch was originally scheduled for the end of April but was delayed until May because Coinbase cited challenges integrating Tether into the exchange’s Application Programming Interface. 

The exchange confirmed in the release that it would only be supporting the Ethereum version of Tether and not alternative blockchains like EOS, Tron or Algorand.

During the last year, Tether’s market cap has dramatically increased from approximately $7.8 billion in May 2020 to over $52 billion as of today according to CoinGecko data. While traders have come to rely on stablecoins as an on/off ramp for digital-assets to fiat, the asset class has found a particular enthusiasm in East Asia particularly for remittances.

Tether is the most popular stablecoin in the region, but Circle has started a large hiring push to expand their stablecoin, USDC’s, marketshare. 

No New Yorkers allowed   

Users in New York will not be able to trade Tether. Part of the settlement between the State and Tether requires it to block any New York residents or entities from using their services.

Although being barred from New York, the home to many of the country’s biggest banks, might be a logistical nightmare when trying to find correspondent banks or other financial services legal experts say that the finality and certainty of the settlement opens more doors than it closes — a listing on Coinbase as one hypothetical example.  

“The two-year investigation cost the company $18.5 million in penalties, as well as a massive legal bill. And in the end, this was more of a reporting issue than anything. But, I think it’s a positive for the crypto community, where there are both good and bad actors,” Braden Perry, a lawyer with KennyHertz Perry LLC told Blockworks in an earlier interview. “Although no harm to the Tether (or Bitfinance) communities, the AG in this case, spent the resources and time to thoroughly investigate the issue and hold Tether accountable.”

CoinGecko reported that Tether had a trading volume of $160.6 billion during the last 24 hours compared to a volume of approximately $60 billion from a year ago. 

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Unlocked by Template.png

Research

The march toward an interoperable and onchain-by-default internet depends on reliable messaging and value transfer across heterogeneous domains. Crosschain protocols now process >$1.3T in combined annual transfer volume and secure tens of millions of user interactions, yet no single design dominates.

article-image

As the shutdown enters its second week, sources say the Senate Banking Committee looks to move ahead with a market structure bill markup

article-image

The collaboration expands Ripple’s Middle East footprint, supporting Bahrain’s blockchain adoption and future rollout of Ripple USD

by Blockworks /
article-image

The medical device firm will manage its $400 million Solana holdings using Coinbase Prime infrastructure to bolster its digital asset strategy

by Blockworks /
article-image

The deal gives PayPay a 40% stake in Binance Japan, linking digital assets with Japan’s largest mobile payment network

by Blockworks /
article-image

Citigroup’s venture arm backs BVNK to expand stablecoin payments infrastructure amid growing US regulatory clarity

by Blockworks /
article-image

The partnership integrates Deutsche Bank’s payment rails with Bullish’s regulated exchange, streamlining fiat operations for institutional traders

by Blockworks /