- Binance completes Tether (USDT) integration on Arbitrum One and Optimism networks.
- USDT withdrawals are now available on the Ethereum L2 networks.
Binance, the leading cryptocurrency exchange, has successfully integrated Tether (USDT) on the Arbitrum One and Optimism networks. This integration aims to provide Binance users with faster and more cost-effective transactions, which ultimately enhances trading efficiency. Deposits for USDT are now open on both networks.
#Binance completes the integration of Tether $USDT on Arbitrum One and Optimism networks, with deposits now open.https://t.co/0NAbXFUlHd
— Binance (@binance) June 2, 2023
Binance plans to enable withdrawals for Tether USDT on the Arbitrum One and Optimism when there are sufficient deposits. Users will be notified about this in a future announcement.
Further, it is important to note that USDT on these networks is considered a bridged asset. The bridged smart contract for Tether on the Optimism network is managed by the Optimism Foundation, not issued by Tether itself, and cannot be redeemed with Tether.
Tether (USDT) on the Arbitrum One network operates as a bridged token, and Tether’s multisig controls its functionality. However, it is important to note that Tether does not directly issue USDT on the Arbitrum One network. However, Binance’s integration of USDT on these networks reflects its commitment to enhancing the trading experience for its users.
At the time of writing the article, according to CoinMarketCap, Binance’s price for Tether (USDT) is $1.00 with a 24-hour trading volume of $1,638,434,957.
