The popularity of Tether (USDT), a cryptocurrency, can be attributed to its consistency and capacity to hold its value. It is a stablecoin pegged to the US dollar, meaning 1 USDT always equals 1 USD. Tether has become a popular cryptocurrency among traders and investors, as it provides a haven during market volatility.
USDT is available on several blockchain networks, including Ethereum, Tron, and Binance Smart Chain. This article will focus on USDT's Binance Smart Chain version, also known as USDT BEP20.
What is Binance Smart Chain
One of the world's biggest cryptocurrency exchanges, Binance, created the Binance Smart Chain, also called the BSC blockchain network. BSC was developed to give Ethereum, infamous for its high fees and lengthy transaction times, a quick and affordable substitute.
Developers can easily migrate their Ether-based contract designs to BSC because BSC appears compatible with the virtual machine used by Ethereum (EVM). A vibrant ecosystem of decentralized applications (dApps) has grown due to BSC.
What is USDT BEP20
USDT BEP20 is the version of Tether that runs on the Binance Smart Chain. The BEP20 token standard, considered comparable to Ethereum's ERC20 standard, serves as its foundation.
This means that USDT BEP20 can be easily transferred between wallets and used in dApps that support the BEP20 standard.
USDT BEP20 has the same value and stability as other versions of USDT, pegged to the US dollar. However, it offers faster and cheaper transactions than USDT on different networks. This makes USDT BEP20 a popular choice among traders and investors who want to avoid high fees and slow transaction times.
What is a contract address?
A blockchain network's contract address is a specific identification for a smart contract.
The specifics of the seller and buyer agreement are explicitly encoded across a line of code in smart contracts. These contracts self-execute. These contracts are stored on the blockchain, and their execution is automated when certain conditions are met.
Every intelligent contract registered on the blockchain has a distinctive location that can be utilized to find and contact it. You need to use its contract address when you want to send or receive USDT BEP20. The contract address for USDT BEP20 is 0x55d398326f99059ff775485246999027b3197955
How to use the USDT BEP20 contract address
To use the USDT BEP20 contract address, you must have a wallet supporting the Binance Smart Chain network. Several wallets that support BSC are available, including Metamask, Trust Wallet, and Binance Chain Wallet.
Once you have set up your wallet, you can add USDT BEP20 using its contract address. The steps are as follows:
1: Open the "Add Currency" or "Custom Token" area of your wallet.
2: Enter the USDT BEP20 contract address: 0x55d398326f99059ff775485246999027b3197955
3: The wallet should automatically populate the token symbol and decimal places for USDT BEP20. If not, you can manually enter the following information:
- Token Symbol: USDT
- Decimal Places: 18
4: Click "Add" or "Save" to add USDT BEP20 to your wallet.
You can now send and receive USDT BEP20 using your wallet. Make sure to double-check the contract address before sending any funds, as sending USDT BEP20 to the wrong address can permanently lose your funds.
Benefits of using USDT BEP20
Using USDT BEP20 has several advantages, including:
Fast and affordable transactions: For financiers and traders who need to transfer money quickly, USDT BEP20 is a desirable alternative—Binance Smart Chain is renowned for its fast and affordable transactions.
Interoperability: The USDT BEP20 token may be traded or used in dApps that follow the BEP20 standard since it is interoperable with other BEP20-based tokens.
Stability: USDT BEP20 is pegged to the US dollar, meaning its value is relatively stable compared to other cryptocurrencies. Because of this, traders who wish to avoid the fluctuation of other cryptocurrencies frequently choose it.
Low fees: Binance Smart Chain has lower costs than other blockchain networks, so transactions involving USDT BEP20 are cheaper.
Conclusion
USDT BEP20 is a stablecoin pegged to the US dollar and runs on the Binance Smart Chain network. Its contract address is 0x55d398326f99059ff775485246999027b3197955. USDT BEP20 offers several benefits, including fast and cheap transactions, interoperability, stability, and low fees. If you want to use USDT BEP20, use a wallet that supports the Binance Smart Chain network and double-check the contract address before sending any funds.
