[Update] Coinbase Pro users report 'USDC trading pairs missing' & 'USDC balance shows 0', issues being looked into (workaround inside)
New updates are being added at the bottom of this story…….
Original story (published on July 15, 2022) follows:
Coinbase is one of the many crypto exchange platforms available. These types of services allow you to save, buy, sell and exchange your cryptos.
Coinbase also offers a ‘Pro’ version with a more complex UI packed with useful information for more experienced traders. Meanwhile, the standard Coinbase UI is much simpler and with fewer elements.
However, lately Coinbase Pro users have been facing an issue where the USDC crypto-currency trading pairs are missing, or the USDC balance is showing as 0.
Coinbase Pro USDC balance shows ‘0’ for many
According to multiple reports, the entire USDC balance is ‘missing’ for many Coinbase Pro users as it is displayed as 0.
However, it’s worth pointing out that this is a visual glitch, since users didn’t actually lose their USDC funds. But since the balance is shown as 0, they are unable to execute trades.
Where is my usdc? I understand you guys are merging it with usd, but can you give update as to when i will get the usd equivalent?
Where is our USDC???
I am aware that Coinbase Pro stopped USDC trading and wants us to use Coinbase. However, why did you not automatically consolidate our funds and transfer them to Coinbase or just allow us to transfer them to Coinbase instead? Why are all our account balances zero now?
USDC trading pairs missing on Coinbase Pro
Coinbase Pro users are facing another issue where the USDC trading pairs are missing. Even though their balances are not showing as 0, they are still unable to make any trades.
USDC trading unavailable?
I’ve been trying to make a trade with USDC but it’s completely unavailable on Pro. I checked the down detector and Coinbase says the issue was resolved earlier today. I’ve tried on the app, mobile browser, and laptop and the option is still missing. Can’t see open orders or anything. Classic Coinbase? Or am I an idiot? Either one is valid.
USDC / USD in Europe?
So I gather CB and CB Pro unified the USD and USDC order books. They are supposedly directly interchangeable now. But, being in Europe, I don’t have access to USD markets. I have some USDC sitting in CBP but as far as I can see I can do nothing with it (except send it out, I am assuming).
The issue had received a fix, but reports keep coming up
In an official statement, the Coinbase team stated that they had already fixed the issue:
But reports related to the issue continue to surface even after the alleged ‘fix’:
Currently, the Coinbase team is requesting for more feedback from affected users to investigate the issue and find a definitive fix:
Thanks for getting back regarding your missing USDC, Russell. Please complete an email request to our email support team for further investigation — You may do it here: http://help.coinbase.com/en/contact-us Once done, send us a DM with your case number, and we’ll follow up with you there.
A potential workaround to show the correct USDC balance
In the meantime, there is a potential workaround that could help you display the correct USDC balance on Coinbase Pro:
We will update this story as new events related to the matter arise.
Update 1 (July 18)
05:46 pm (IST): According to the Coinbase team, the issue should already be fixed in the latest Coinbase Pro app update for Android and iOS.
Update 2 (July 20)
06:25 pm (IST): It seems that the Coinbase issue with USD currency values is related to the merger of USD and USDC order books.
To avoid potential loss of funds or similar issues, Coinbase has temporarily disabled trading with USDC pairings.
In addition, currently, US customers are able to convert USDC to and from USD 1:1 without fees.
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