Cryptocurrency exchange Coinbase has urged its customers to move assets from USDT to USDC. The platform said in a statement that the events of the past few weeks have put some stablecoins to the test, while USDC is one of the most reliable and reputable digital dollars, fully backed by high-quality reserves.

USD Coin (USDC) was launched with the participation of Coinbase in 2018, RBC writes. Stablecoin is managed by the Centre consortium, which was founded by Circle, the issuer of USDC. The consortium includes the Coinbase exchange and the mining company and equipment manufacturer Bitmain.

The coin ranks second among stablecoins in terms of market capitalization at $42.8 billion, with Tether (USDT) in first place at $65.7 billion, according to CoinGecko.

To make it easier for retail customers to transfer funds, the exchange has eliminated USDT to USDC conversion fees for most regions in the Coinbase Simple Trade section. Coinbase Advanced Trade, Prime and Exchange services will apply standard fees, it said.