Crypto exchange Coinbase Global Inc (NASDAQ:COIN) plans to merge its U.S. dollar order book with its USD Coin (CRYPTO: USDC) order book.
What Happened: In an announcement on Wednesday, Coinbase said it plans to unify the two order books to create “more seamless trading with deeper liquidity.”
On July 13, Coinbase Exchange will be unifying USD and USDC order books. As part of the unification process, USDC order books will be merged under USD order books to create a better, more seamless trading experience with deeper liquidity for USD and USDC.
— Coinbase Exchange (@CoinbaseExch) June 29, 2022
The order book merge will come into effect on July 13 across all Coinbase trading platforms, including Advanced Trade.
“Coinbase Exchange users will be able to deposit USD or USDC and their account will be automatically credited on a 1:1 basis with USD,” said the exchange.
“The unified USD balance can be used to trade on USD order books or withdrawn to either USD or USDC.”
Some market participants were opposed to the move to treat both assets as the same, seeing as USDC is a dollar-pegged stablecoin that exists independently on the blockchain.
Lmao. That is like listing $ETH with $BTC order books
— Crypto Bitlord (@crypto_bitlord7) June 30, 2022
This is now a clown exchange
See Also: HOW DOES COINBASE MAKE MONEY?
Price Action: According to data from Benzinga Pro, Coinbase shares closed 2.79% lower on Wednesday.
Bitcoin (CRYPTO: BTC) was trading at $20,076 at press time, down 1.03% over the last 24 hours. Ethereum (CRYPTO: ETH) was trading at $1,091, down 4.74% over the same period.
Photo via Iryna Budanova on Shutterstock
