Binance Adds Support for Tether_to (USDT) on Polkadot
Binance, a prominent centralized exchange, has announced the addition of support for Tether_to (USDT) deposits and withdrawals on Polkadot. It is an exciting development for the Polkadot ecosystem. Tether_to is the most valuable stablecoin by market capitalization right now.
1/ 📢 Another big landmark for the Polkadot ecosystem! @Binance, a leading centralized exchange, now supports deposits and withdrawals for @Tether_to (USDT), the top stablecoin by market cap, on Polkadot. pic.twitter.com/WCaUTlFckO
— Polkadot (@Polkadot) May 25, 2023
Polkadot Boosts Liquidity with Tether (USDT) Integration from Binance
Tether (USDT), which is backed by Tether’s reserves, has the highest adoption rate of any stablecoin and is the third-largest cryptocurrency asset. Users can easily transfer their USDT to Polkadot thanks to Binance’s integration. It simplifies transactions involving this stablecoin. This new feature expands the utility of USDT within the Polkadot ecosystem and encourages greater cryptocurrency adoption.
Binance is pleased to announce that the Tether (USDT) integration on the Polkadot network has been completed successfully. Tether (USDT) deposits and withdrawals are now possible on the Polkadot network, expanding access to this popular stablecoin. This integration increases liquidity throughout the ecosystem, benefiting Polkadot users, parachains, and decentralized applications (dApps).
USDT is the most liquid stablecoin currently available, with a supply of 83 billion dollars. The addition of USDT to Polkadot’s asset hub, Statemint, in 2022 marked a significant milestone for the ecosystem, bringing it closer to a reliable local stablecoin. The limited supply of native USDT on Statemint, on the other hand, was primarily due to the lack of listing on a major centralized exchange (CEX), which hampered its growth.
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The listing of USDT on Binance today is expected to increase the total amount of USDT mined on Statemint, owing to Binance’s large user base. This transaction significantly increases the liquidity and usage of USDT within the Polkadot ecosystem.
USDT Integration Streamlines Polkadot Transactions
The process of integrating USDT into Polkadot is simple. Users can transfer USDT from Binance to Statemint using their existing Polkadot addresses, just as they would on Statemint. It is recommended to have some DOT on Statemint to cover expenses.
Users have unintentionally contributed to Polkadot’s liquidity by supporting this integration. Polkadot’s founder, Gavin Wood, expresses his appreciation for their participation.
Users can now use their Statemint USDT to purchase any Polkadot parachain. To accomplish this, they can use HydraDX’s cross-chain user interface to transfer the asset via XCM to the desired parachain. The addition of USDT to the Polkadot ecosystem expands the network’s liquidity and fosters its growth and adoption by opening up new avenues for seamless transactions.