The Stablecoins war has begun. USDC is offering to convert your USDT to USDC, now with zero fees.

Circle is throwing some shade at Tether here, the stablecoin wars have officially begun. This comes a few months after Binance did the same to USDC. BUSD vs USDT vs USDC should be a very interesting in the coming few months. The coinbase blog is lterally named, "Switch to the trusted and reputable digital dollar: USDC. Coinbase states:

At Coinbase, we’re focused on stability and trust. Today’s announcement represents one step on that journey - enabling global customers to convert USDT to USDC with no fees. We’ll keep working to give our customers safe, responsible ways to hold and grow their crypto.

They claim tether is unsafe and they want to protect customers. Then why not just delist tether from coinbase? Also allowing us to swap USDT for USDC means that they get the USDT and have to redeem it for USD. This means they do believe that tether is fully backed lmao.