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Coinbase actually does it 1:1 by proxy from Circle: you don't have to "trade" USDC-USD. They aren't right now, but they normally go above and beyond by being wi
by saurik 4y ago
Coinbase actually does it 1:1 by proxy from Circle: you don't have to "trade" USDC-USD. They aren't right now, but they normally go above and beyond by being willing to do it on weekends, while Circle itself only operates on weekdays, and they don't want to stake their own fate towards that, so they said they are pausing doing that until Monday.
- latchkey 4y agoNot only that, but if coinbase catches you doing this, they will immediately lock your account.
- everfree 4y agoIf they catch you doing what?
- latchkey 4y agoTrying to arb usdc.
- everfree 4y agoDo you have a source for that? It seems like it would generally be in Coinbase and Circle's best interest for people to arb USDC (at times when redemptions are live).
- mike_d 4y agoYou mean trading assets for other assets to turn a profit, literally the entire point of Coinbase Pro?
- latchkey 4y agoNo, I don't mean that. CBP is fine for them, since they earn fees on it. If you pull your funds off CB into a DEX and then do the arbitrage, that's when they get unhappy. Yes, that's happened to someone I know. Their account was locked as soon as CB figured out that is what they were being used for. They don't like just being a fiat ramp since it doesn't earn them anything.