Coinbase Merges USD and USDC Order Books, Are They Running out of USD?
- Coinbase has announced the unification of USD and USDC order books on the exchange.
- All open orders will be canceled on July 13.
On June 30, Coinbase Exchange announced on Twitter that they will soon unify USD and USDC order books. The process will be initiated on July 13. The team says that this step has been taken to improve the trading experience on the exchange. The change will also provide deeper liquidity for USD and USDC.
We are anticipating that the exchange is probably running out of USD. It is because Coinbase announced that the change will have a significant impact on the exchange along with users who use Coinbase Prime, Pro, and Advanced Trade. However, the Coinbase.com and Coinbase mobile app will remain unaffected by the changes.
After the change, users will be able to deposit USD or USDC, and their account will automatically get credited on a 1:1 basis with USD. They can then use the unified USD balance for trading purposes on USD order books or to withdraw to either USD or USDC.
Users of Coinbase Prime will have an advantage in that they will be able to convert USD to USDC and vice versa. They will also not have to pay any additional fees to trade on USD order books. The same feature will be available for Coinbase Pro users and Advanced Trade users.
Users who have a USD account will be able to trade on USD order books and those who don’t can trade USDC on Coinbase.
The team has announced that every open order on July 13 will be canceled and users will have to place new orders on USD books. The company will share more updates regarding the same on its Twitter account.
Recently, Coinbase has been insulating several infrastructural changes. A few days back, it announced that the exchange will now track off-exchange transactions from Dutch customers. These changes might be precautionary measures to survive in the crashing crypto sphere.