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- Binance finalizes the integration of Tether (USDT) on the Arbitrum One and Optimism networks.
- USDT withdrawals are now accessible on the Ethereum L2 networks.
Binance, the premier cryptocurrency exchange, has successfully incorporated Tether (USDT) on both the Arbitrum One and Optimism networks. This integration is designed to offer Binance users quicker and more economical transactions, thereby improving trading efficiency. USDT deposits are now available on these networks.
#Binance finalizes the integration of Tether $USDT on Arbitrum One and Optimism networks, with deposits now available. https://t.co/0NAbXFUlHd
— Binance (@binance) June 2, 2023
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Binance intends to facilitate withdrawals for Tether USDT on the Arbitrum One and Optimism networks when a sufficient amount of deposits has been reached. Users will receive notifications regarding this in a forthcoming announcement.
Additionally, it is crucial to understand that USDT on these networks is classified as a bridged asset. The bridged smart contract for Tether on the Optimism network is overseen by the Optimism Foundation, rather than being issued directly by Tether, and cannot be exchanged for Tether.
Tether (USDT) on the Arbitrum One network functions as a bridged token, with its operations overseen by Tether’s multisig. Nonetheless, it is essential to emphasize that Tether does not directly issue USDT on the Arbitrum One network. Nevertheless, Binance’s incorporation of USDT on these networks underscores its dedication to improving the trading experience for its users.
As of the time of this writing, according to CoinMarketCap, Binance’s price for Tether (USDT) stands at $1.00, with a 24-hour trading volume of $1,638,434,957.
