We are excited to announce that Tether (USDT) is now available on the platform for both Singapore-based and international users with Personal and Business accounts. This significant development empowers users to effortlessly deposit, exchange, store, and oversee their USDT holdings within a secure environment. The move enhances the platform's stablecoin offerings, providing greater flexibility and choice for digital asset management.
How To Manage Your USDT Holdings
Users can now oversee their Tether (USDT) funds directly through their account dashboard. The interface is designed for clarity and ease of use, enabling efficient portfolio management.
Transferring USDT In and Out
You can seamlessly move your digital assets by initiating transfers from your preferred external wallets.
- Transfer In: You can deposit USDT from any custodial or non-custodial blockchain address into your account.
- Transfer Out: Similarly, you can withdraw your USDT funds to any external custodial or non-custodial blockchain address.
Swapping Between Stablecoins
A built-in swap feature allows for instant conversions between major stablecoins. You can easily exchange USDT for USDC and vice versa, providing crucial flexibility for your trading and hedging strategies. This integrated functionality operates around the clock, ensuring you can manage your assets at any time.
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A Guide to Funding Your Account with USDT
Funding your account with Tether is a straightforward process designed for user convenience. You can initiate a 'Transfer In' from any of your preferred external blockchain addresses, whether they are hosted on an exchange (custodial) or in your private wallet (non-custodial). Once the transfer is confirmed on the blockchain, your USDT balance will be updated and stored securely within your account.
Important Security Note: Before initiating any inbound or outbound USDT transfers, you must first whitelist your external blockchain address. This security measure helps protect your assets by ensuring withdrawals can only be sent to pre-approved, trusted addresses.
Understanding Fees for USDT Transactions
Transparent fee structures are vital for effective financial planning. Here’s a breakdown of the costs associated with USDT transfers.
- Transfer In Fee: A fee of 0.5 USDT is applied for deposits. However, to support smaller transactions, this fee is waived for any transfer amount less than 10 USDT.
- Transfer Out Fee: Outbound transfer fees are based on the prevailing network gas fees. To protect users from volatile network conditions, these fees are capped at a maximum of 30 USDT. The platform covers any network costs that exceed this cap.
Supported Blockchain Networks for USDT
To ensure security and reliability, support for blockchain networks is rolled out methodically. Currently, USDT transactions are supported on the Ethereum network using the ERC-20 standard. The commitment to expanding this service means that support for additional major blockchain networks is planned for the future, which will further enhance interoperability for users.
How To Off-Ramp USDT into Traditional Currency
Converting your USDT into traditional fiat currency, such as US Dollars or Singapore Dollars, is a core function for many users. This process, known as off-ramping, is efficiently handled through the platform's swap service.
The most effective method is to first use the 24/7 swap feature to convert your USDT to USDC. Once you hold USDC, you can then off-ramp it directly as USD to a Singapore-based bank account. This two-step process provides a reliable and efficient path to liquidate your digital asset holdings.
Transaction Limits for Swapping
To maintain market stability, the sale of USDT via the swap service is limited to 100,000 USDT per individual transaction. There is, however, no daily limit on the number of transactions you can perform, allowing for significant volume over time. It's important to note that prevailing foreign exchange (FX) rates and exchange spreads will apply to these swap transactions.
Navigating USDT and XSGD Conversions
For users looking to convert USDT directly into Singapore Dollar-backed tokens (XSGD), an indirect path is currently required. The swap service does not yet offer a direct USDT/XSGD trading pair.
The recommended method is to first swap your USDT for USDC. After obtaining USDC, you can then easily sell it for XSGD within the same swap interface. This provides a smooth and effective route to gain exposure to Singapore Dollar-pegged digital assets.
Options for Large Volume and Bulk Trades
For institutional clients and individuals executing large-volume trades, an Over-the-Counter (OTC) desk service is available. This service supports bulk USDT trades, with transactions typically starting from 100,000 USD in value.
The OTC desk offers several advantages for large trades, including tighter spreads and access to deep liquidity pools, which help minimize slippage and improve execution prices. This service has proven highly successful, facilitating the trade of hundreds of millions of USDT to date.
The Significance of Supporting USDT
Tether stands as a pioneering and highly liquid stablecoin within the cryptocurrency ecosystem. Its widespread adoption and recognition are built on a foundation of stability, as it is pegged to the value of the US dollar, offering users a reliable digital asset for trading, savings, and transfers.
The inclusion of USDT significantly enriches the platform's suite of supported digital assets. It complements the existing support for USDC, creating a more comprehensive solution for both individuals and institutions. By offering these two leading stablecoins, the platform provides efficient and secure avenues for transacting with USD-pegged digital assets. This expansion enhances overall utility and underscores a firm commitment to meeting the diverse needs of a global user base by only integrating trusted and reputable stablecoins.
Frequently Asked Questions
What is the first step I need to take before transferring USDT?
Before you initiate any transfer, the most critical first step is to whitelist your external blockchain address. This security protocol is mandatory and helps prevent unauthorized withdrawals by ensuring funds can only be sent to your pre-vetted addresses.
Which blockchain can I use to transfer USDT to my account?
Currently, the platform supports USDT transfers on the Ethereum network using the ERC-20 token standard. Support for additional blockchain networks is expected to be added in the future to provide more options for users.
Are there any ways to avoid the USDT transfer-in fee?
Yes, the 0.5 USDT transfer-in fee is completely waived for any deposit transaction that is less than 10 USDT. This makes it cost-effective to move smaller amounts into your account.
How can I convert my USDT into Singapore Dollars (SGD)?
To off-ramp USDT into SGD, you need to first swap your USDT for USDC using the integrated swap service. Then, you can sell that USDC for XSGD. Finally, you can redeem your XSGD for SGD, which will be deposited into your linked Singapore bank account.
Is there a limit on how much USDT I can sell at once?
Yes, the swap service imposes a per-transaction limit of 100,000 USDT for selling. There is no limit on the number of transactions you can perform per day, allowing you to execute larger volumes through multiple trades.
What is the advantage of using the OTC desk for USDT?
The OTC desk is designed for large, bulk trades (typically starting from $100,000 USD). Its primary advantages are access to deeper liquidity, tighter spreads, and minimal price slippage, which leads to better execution prices for high-volume trades compared to the standard open market.