This update covers a few topics rather than the usual single topic. I didn’t mean to try a new format but I am happy with how it turned out–perfect for a week where there are several things worth saying something about. Curious whether you guys have a preference for single or multiple topics.
Also, I recorded an interview with Katherine Wu a couple weeks ago about regulation and it has only gotten better with age. I’m not sure how frequently I’ll be doing interviews, but transcripts will be available to members when I do them. Eager to hear your feedback. Who else should I speak with? Both the audio and the transcript will be available tomorrow.
On to the post:
Hasu noticed that Coinbase Pro only listed BAT against their stablecoin, USDC, and not Bitcoin. More notable, users cannot buy BAT with fiat either. This is a smart way to force usage of USDC.
Unlike exchanges like Binance where volume is mostly in BTC pairs, Coinbase Pro volume is mostly in Fiat pairs. Prioritizing USDC pairs lets them offer a similar experience to their traders while onboarding them to a cryptocurrency they control. When done well, users won’t even notice it. It’s a matter of time before they automatically convert fiat deposits into USDC. Maybe they get rid of all USD pairs and replace them all with USDC pairs. This would accelerate their plans to aggregate demand for applications built on crypto infrastructure.
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