Cryptocurrency exchange Kraken has announced that starting June 2 at 13:30 UTC, it will launch support for deposits and withdrawals of ERC20-based Tether (USDT) stablecoin.
Withdrawal Fee will be equal to 0.5 USDT.
"Since traders typically deposit USDT for the purpose of trading other assets, we expect to see a boost in volumes across many of our markets, providing new opportunities for clients," the exchange said.
USDT-ERC20 funding fees:
- Deposit/Withdrawal Minimum: 1 USDT
- Deposit Fee: Free
- Deposit Address Setup Fee: 0.5 USDT
Although the different variants of USDT are different tokens on different blockchains, they both will be represented as USDT within a user's account, the exchange said in an official press release.
Based on the Ethereum blockchain stablecoin USDT has risen significantly due to simplicity of use without mandatory KYC & AML verifications.
However, it does not look like Tether is going to stop its expansion any time soon. Earlier iHodl reported that Tether had been integrated into the OMG Network, formerly known as OmiseGO.
According to Bitfinex, the integration will lead to a reduction in transaction confirmation times and fees.
OMG Network CEO Vansa Chatikavanij said the network supports "thousands of transactions per second at a third of the cost of the same transaction on Ethereum."
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