- OKX has developed several OKX Chain bridges that will provide smarter, more efficient and cheaper on-chain trading for users
- Users trading Tether tokens on OKC will not be charged any fees when withdrawing. Investors using OKX Wallet will only be required to pay gas fees and will not pay any other transaction fees
- The collaboration marks the first time sting USDT has been issued to a cosmos-powered ecosystem
VICTORIA, Seychelles, July 27, 2022 (GLOBE NEWSWIRE) — OKXthe world’s leading cryptocurrency platform, has announced that it will bridge Tether’s USDT stablecoin, EURt Euro-pegged stablecoin and Tether Gold (XAUT) to OKX Chain (OKC). OKX Chain is a secure, programmable and affordable smart contract platform that has featured over 130 projects in the past year.
The launch of bridged USDT on OKC not only reduces the cost of making deposits and withdrawals, but enables higher speeds. This means users enjoy faster USDT transfers with no withdrawal fees. Tether has reviewed the bridged USDT, EURt and XAUT smart contracts and determined that they meet the strict standards for smart contracts. Tether intends to track information on OKC bridged versions of USDT, EURt and XAUT on its since with openness.
Lennix Lai, Director of Financial Markets, OKX, said: “We are excited to welcome USDT to OKC. The OKX Chain is one of the few public chains that exists at the intersection of Ethereum and Cosmos, meaning users can take advantage of the benefits offered by both ecosystems. Tether is one of the most successful stablecoins out there, and we’re excited to add new bridges and trading pairs to help further expand the Tether ecosystem.”
OKC’s EVM compatibility allows it to link USDT with Cosmos. OKX’s collaboration with Tether therefore marks the first time bridged USDT has been issued to a cosmos-powered ecosystem. This enables users to participate in the IBC/Cosmos ecosystem using only the OKX wallet, without having to download a separate wallet extension. Cosmos is an ecosystem of blockchains designed to scale and interoperate with each other.
Paolo Ardoino, CTO, Tether, said: “The launch of Tether on OKC marks its debut on a Cosmos EVM chain. We are excited to partner with OKX to support the growth of the OKX Chain across many new applications.”
The OKC Tether Bridge can be viewed on the Tether website under the “Revised Bridges” section. here.
ENDS
For further information, please contact:
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About OKC
OKC is a secure and programmable smart contract platform for next-generation decentralized applications, backed by OKX, one of the largest crypto exchanges. The technology embedded in the chain was specifically designed for high-performance trading activities and lower-cost financial services, making it a great match for many DeFi protocols, NFTs and other Metaverse applications.
About Tether
Tether is the preeminent stablecoin with the largest market capitalization, surpassing all rival offerings combined. Tether was created in October 2014 and has grown to become the most traded cryptocurrency. Tether disrupts the old 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 affordable way to transact money.
About OKX
OKX is a leading crypto trading app and a Web3 ecosystem. Trusted by more than 20 million global clients in over 180 international markets, OKX is known to be the fastest and most reliable crypto trading app for investors and professional traders globally.
To learn more about OKX, download our app or visit: okx.com
Important note
This press release is not an offer to sell or a solicitation of an offer to buy USDT, EURT or XAUT. Tether Limited and Tether International Limited will only sell or redeem USDT and EURT according to its terms of service available (as of the date of this press release) at TG Commodities Limited will only sell or redeem XAUT according to its terms of sale and services available ( as of the date of this press release) at gold.tether.to/legal.
