BitMEX users have had the option of depositing and withdrawing Tether on the Ethereum network (USDT ERC-20) only.
USDT-TRON Deposits and Withdrawals for BitMEX users
Since Q4 2021, BitMEX users will only have the option to deposit and withdraw Tether on the Ethereum network (USDT ERC-20). However, that will all change next week when BitMEX rolls out multi-network support for USDT.
As a first step, BitMEX will add support for USDT on the TRON network (aka USDT-TRON or USDT TRC-20) in addition to the Ethereum network. This will allow users to send and receive USDT on their preferred network, potentially enjoying lower fees and faster transactions – depending on the network chosen. What’s more, support for other networks – like Solana – is coming in the coming weeks, so stay tuned.
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Multi-network support for USDT withdrawals and deposits
When multi-network USDT support goes live on BitMEX, users will be able to deposit and withdraw USDT through their preferred network (Ethereum or TRON). For example, if a user deposits 1,000 USDT ERC-20 and 300 USDT TRC-20, the deposit will reflect a single asset – meaning the user’s wallet will show a balance of 1,300 Tether.
After topping up their USDT balance, users will be able to trade any USDT-margined cryptocurrency derivatives contracts (as listed on this ETHPOW ), exchange and Earn Tether, and spot trade USDT-paired cryptocurrencies – regardless of their What type of Tether is in the balance. This is because all Tether tokens are fungible and can be used interchangeably on BitMEX’s platform.
More importantly, users will also be able to withdraw USDT from BitMEX in the form of ERC-20 or TRC-20, regardless of which network was used to deposit Tether. For example, if a user deposits USDT ERC-20 on BitMEX and later wants to withdraw USDT, they will be able to withdraw their Tether tokens through the TRON network.
Multi-Network USDT: How Does It Work?
Multi-chain cryptocurrencies, such as Tether, exist on several blockchain networks rather than a single network. The most commonly used multi-chain stablecoin is USDT, which was one of the first cryptocurrencies in the world to have its market value pegged to fiat currency.
Since USDT exists on multiple blockchains, Tether tokens are treated equally on BitMEX and are interchangeable. For example, one Tether token on the Ethereum network is exactly equal to one Tether token on the TRON blockchain.
Currently, USDT is available on Ethereum, Algorand, Solana, EOS, Liquid, TRON, Omni and Kusama networks, as well as Bitcoin Cash’s standard ledger protocol.
USDT-TRON vs USDT ERC-20: What’s the difference?
The main differences between USDT-TRON and USDT ERC-20 are broken down as follows:
| USDT-TRON | USDT ERC-20 | |
|---|---|---|
| Network | TRON | Ethereum |
| Transaction fee | Generally very low | Generally high |
| Transaction speed | ~2,000 transactions per second | ~25 transactions per second |
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What is USDT-TRON?
USDT-TRON is a USD-pegged stablecoin issued on the TRON network. TRC-20-based USDT enables interoperability with TRON-based protocols and decentralized applications (DApps), while allowing users to trade and exchange fiat-pegged currencies on the TRON network. Users who choose to send or receive USDT-TRON typically pay lower transaction fees and enjoy near-instant transaction times.
What is USDT ERC-20?
USDT ERC-20 is a cryptocurrency issued by Tether on the Ethereum network. USDT ERC-20 complies with the ERC-20 standard, one of the oldest and most trusted standards for creating tokens. The benefit of using USDT ERC-20 is that it can be directly exchanged for any other ERC-20 token such as Chainlink (LINK) and Uniswap (UNI).
Coming soon: more networks supporting USDT
In the coming weeks and months, BitMEX’s platform will expand the network available for USDT deposits and withdrawals. Next, BitMEX will be adding support for USDT on the Solana network, which will arrive in early September.
More relevant information will be announced gradually.
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Please check BitMEX official website or contact the customer support with regard to the latest information and more accurate details.
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Comment by Hans
April 24, 2024
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