Brenner
@brenner.eth
$20 USDC to whoever can explain to me & @kyle why Coinbase is spending so much gas on getting rid of all their USDT across hundreds of accounts instead of doing it over a few weeks and saving hundreds of thousands of dollars
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jacob
@jacob
example etherscan tx?
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Garrett
@garrett
They just announced that any user to trade USDT to USDC without any fees. I imagine that’s what this is
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Thomas Humphreys
@so
USDC backed by USD denominated cash and US T-Bonds (short-term for obvs reasons). User: deposit $1 -> gets $1 USDC Coinbase incentivises users to deposit as many $$ to continue expanding their T-bond reserves and keep the yield produced from them. ycharts.com/indicators/reports/daily_treasury_yield_curve_rates
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Dan Romero
@dwr.eth
what do you mean?
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rob
@robertfelt.eth
I thought the same thing this morning. It’s obvious why they want users to move to USDC, but it seems they could’ve done it in a more cost effective manner. 🧐
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Maya Zehavi
@mayazi
They want to signal the urgency & how time sensitive it is, maybe with some FUD bonus
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Jack Oneschuk
@joneschuk
Coinbase or Binance? Seeing the news on the Binance consolidation
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Homocryptus
@homocryptus
I guess what u are implying is that UsDT is about to fail in a few weeks and so people will autonomously convert their UsDt in USDC out of fear without any “bounty” rewards (like free gas)
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