OKX introduces Tether on OKX Chain

Leading crypto exchange OKX has added Tether’s USDT stablecoin, Tether Gold, and the EURT Euro-pegged stablecoin to OKX Chain (OKC), Coin Journal learned from a press release. 

The new addition improves speed and reduces the cost of deposits and withdrawals. Users can take advantage of faster USDT transfers and pay just $0.0001 per transaction on average. 

Enhanced security 

Tether officially issued OKC a licensed smart contract, which means Tether investors avail of higher security when trading on the blockchain. Apart from OKC, the world’s biggest stablecoin by market cap is only listed on 11 other public blockchains worldwide. 

OKX Director of Financial Markets Lennix Lai commented:

USDT is only listed on prominent and successful public blockchains, so we are delighted to welcome USDT. Our blockchain is one of the few public ones that exist at the intersection of Cosmos and Ethereum, giving users the benefits offered by both ecosystems. We’re excited to add new bridges and trading pairs to help further expand the Tether ecosystem.

First USDT issue to Cosmos 

OKC’s compatibility with the Ethereum Mainnet enables it to link USDT to Cosmos. The partnership with Tether marks a unique historical moment because USDT has never been issued to a Cosmos-powered ecosystem before. 

This makes it possible for users to take part in the IBC/Cosmos ecosystem with no need to download a separate wallet. Their OKX Wallet is sufficient. As a blockchain ecosystem, Cosmos is designed for scalability and interoperability. 

Tether CTP Paolo Ardoino said: 

With the launch on OKC, Tether marks its debut on a Cosmos blockchain compatible with EVM. We are delighted to support OKC’s growth across new use cases and collaborate with OKX.

Apart from Tether’s addition to OKX Chain, the partnership sees both Tether Gold and EURT coming to OKC as well. Tether Gold is a digital asset backed by physical gold, while EURT is a stablecoin pegged to the euro.