OKX adds support for Tether’s stablecoins to its blockchain
The integration will reduce the fee cost and speed up asset transactions
13.07.2022 - 17:00
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What’s new? Cryptocurrency exchange OKX has added support for Tether's stablecoins to its blockchain. The stablecoins USDT (US dollar), EURT (euro) and XAUT (gold) are already available on the OKX Chain (OKC) network. According to the company's press release, the integration will reduce fees and speed up asset transactions. Tether has issued a smart licensing contract for OKC, and investors will be guaranteed security when trading on the blockchain.
What else does the press release say? OKC's compatibility with the Ethereum Virtual Machine (EVM) will allow Tether stablecoins to be connected to the Cosmos blockchain ecosystem and formally issue USDT there. This will allow users to interact via the Inter-Blockchain Communication (IBC) protocol using only their OKX wallet, without having to download a separate application.
OKC is a programmable smart contract platform for decentralized applications (dApps) supported by the OKX exchange.
OKX was founded in 2017 and is headquartered in the Seychelles. The platform offers more than 350 tokens and 520 trading pairs, fee-free conversions, and perpetual swaps, futures and options.
Earlier, Circle, the issuer of USDC, added support for Polygon's Layer 2 (L2) solution to use the stablecoin on its platform. This will simplify the conversion of fiat to USDC and speed up transactions. Users can automatically transfer the stablecoin on Ethereum to the Polygon network using the Polygon Bridge crosschain protocol.
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