Bitfinex enables zero-fee USDT deposits and withdrawals on Tezos

Bitfinex enables zero-fee USDT deposits and withdrawals on Tezos

By Benson Toti - min read

Bitfinex customers can now benefit from zero fee deposits and withdrawals of USDT on the Tezos blockchain.

Tether (USDT), the world’s largest and most widely used US dollar-pegged stablecoin, has officially launched on the Tezos blockchain.

USDT is the third largest cryptocurrency by market cap of $65 billion, ranked behind Ethereum and benchmark asset Bitcoin.

USDT live on 12th blockchain

In an announcement on Friday last week, cryptocurrency exchange Bitfinex said that USDT would be enabled on the proof-of-stake (PoS) for deposits and withdrawals, all at zero fees.

USDT going live on Tezos means that the stablecoin is now available on twelve blockchain platforms. These are Ethereum, Tron, Polkadot, Algorand, Avalanche, Solana, EOS, Bitcoin Cash’s Simple Ledger Protocol (SLP), Liquid Network, Kusama and Omni.

XTZ tokens

The native Tezos token XTZ plays a massive role in the blockchain platform’s ecosystem. Apart from allowing users to interact with decentralised applications (dApps), XTZ can be used to pay transaction fees and for network security through staking. 

Customers can buy XTZon Bitfinex via cash via Bank wire, as well as crypto and credit cards.

XTZ, currently trading around $1.60, reached an all-time high of $9.12 in October last year. The cryptocurrency has a market cap of $1.47 billion.