UPDATE – OKX Brings Tether to its OKC Blockchain, Offers Fee-free Withdrawals

  • Blockchain
  • 27.07.2022 04:55 pm

OKX, the world-leading cryptocurrency platform, has announced that it will bridge Tether’s USDT stablecoin, EURt Euro-pegged stablecoin and Tether Gold (XAUT) onto OKX Chain (OKC). OKX Chain is a secure, programmable and low-cost smart contract platform that has featured over 130 projects in the past year.

The launch of bridged USDT on OKC not only reduces the cost of making deposits and withdrawals but enables greater speeds. This means users enjoy faster bridged USDT transfers with no withdrawal fees. Tether has reviewed the smart contracts for bridged USDT, EURt and XAUT and determined that they meet its strict standards for smart contracts. Tether intends to track information on the OKC bridged versions of USDT, EURt and XAUT on its transparency page.

Lennix Lai, Director of Financial Markets, OKX, said: “We are delighted to welcome USDT to OKC. OKX Chain is one of the few public chains that exist at the intersection of Ethereum and Cosmos, which means that users can take advantage of the benefits offered by both ecosystems. Tether is one of the most successful stablecoins out there, and we are thrilled to be adding new bridges and trading pairs to help further expand the Tether ecosystem.”

OKC’s EVM compatibility allows it to connect USDT with Cosmos. OKX’s collaboration with Tether, therefore, marks the first time bridged USDT has been issued to a Cosmos-powered ecosystem. This enables users to participate in the IBC/Cosmos ecosystem with only their OKX Wallet, without the need to download a separate wallet extension. Cosmos is an ecosystem of blockchains designed to scale and interoperate between one another.

Paolo Ardoino, CTO, Tether, said: “The launch of Tether on OKC marks its debut on a Cosmos EVM chain. We are excited to collaborate with OKX to support the growth of OKX Chain across many new use-cases.”

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