UPDATE – OKX brings Tether to its OKC blockchain, offers fee-free withdrawals
- OKX has developed additional OKX Chain bridges that will provide smarter, more efficient and more affordable on-chain trading for users
- Users trading Tether tokens on OKC will not be charged any fees when they withdraw. Investors using the OKX Wallet will only be required to pay gas fees, and won’t pay any other transaction fees
- The collaboration marks the first time bridged USDT has been issued to a Cosmos-powered ecosystem
VICTORIA, Seychelles, July 27, 2022 (GLOBE NEWSWIRE) — 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 exists 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.”
The OKC Tether bridge can be viewed on the Tether website under the “Audited Bridges” section here.
ENDS
For further information, please contact:
[email protected]
About OKC
OKC is a secure & programmable smart contracts platform for next-generation decentralized applications, backed by OKX, one of the largest crypto exchanges. The technology built into the chain was specifically designed for high-performance trading activities and financial services with lower cost, which makes it a great match for many DeFi protocols, NFTs, and other Metaverse applications.
About Tether
Tether is the preeminent stablecoin with the biggest market capitalization, surpassing that of all rival offerings combined. Created in October 2014, Tether has grown to become the most traded cryptocurrency. Tether is disrupting the legacy financial system by offering a more modern approach to money. By introducing fiat currency-digital cash to bitcoin, Ethereum, EOS, Liquid Network, Omni, Tron, Algorand, and Solana blockchains, as well as smart contract platform, Avalanche, Tether makes a significant contribution to a more connected ecosystem. Tether combines digital currency benefits, such as instant global transactions, with traditional currency benefits, such as price stability. With a commitment to transparency and compliance, Tether is a fast and low-cost way to transact with money.
About OKX
OKX is a leading crypto trading app, and a Web3 ecosystem. Trusted by more than 20 million global customers in over 180 international markets, OKX is known for being the fastest and most reliable crypto trading app of choice for investors and professional traders globally.
To learn more about OKX, download our app or visit: okx.com
Important Note
This press release is not an offer to sell or the solicitation of an offer to buy USDT, EURT or XAUT. Tether Limited and Tether International Limited will only sell or redeem USDT and EURT pursuant to its terms of service available (as of the date of this press release) at https://tether.to/en/legal. TG Commodities Limited will only sell or redeem XAUT pursuant to its terms of sale and service available (as of the date of this press release) at gold.tether.to/legal.
