OKX announces that Tether is now available on its OKC blockchain
- The collaboration between Tether and OKX Chain will provide smarter, more efficient and more affordable on-chain trading for users
- OKX Chain is a secure, programmable and low-cost smart contract platform that has featured over 130 projects in the past year
VICTORIA, Seychelles, July 13, 2022 (GLOBE NEWSWIRE) — OKX, the world-leading cryptocurrency platform, today announced that Tether’s USDT stablecoin, the EURT Euro-pegged stablecoin and Tether Gold (XAUT) have come to OKX Chain (OKC).
The launch of USDT on OKC not only reduces the cost of making deposits and withdrawals, but enables greater speeds. This means users enjoy faster USDT transfers with an average cost per transaction of just $0.0001. The fact that Tether has officially issued a licensed smart contract to OKC means that USDT investors also enjoy greater security when trading on OKC. OKX Chain is only the 12th public chain in the world on which Tether, one of the world’s largest stablecoins by market cap, is listed.
Lennix Lai, Director of Financial Markets, OKX, said: “Tether only lists USDT on some of the most prominent and successful public blockchains in the world, so we are delighted to welcome USDT to OKX Chain. OKX Chain is one of the few public chains that exists at the intersection of Ethereum and Cosmos, which means that users can enjoy 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. Its collaboration with Tether therefore marks the first time USDT has been officially 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.”
In addition to USDT coming to OKX Chain, the partnership sees both EURT and Tether Gold come to the OKX blockchain. While EURT is a stablecoin pegged to the Euro, Tether Gold is a digital token backed by physical gold.
For further information, please contact:
Media@okx.com
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
