Unbeknown to most cryptocurrency community members, bitcoin is not the most widely traded cryptocurrency in the world. That honor goes to Tether (USDT) which continues to dominate the stablecoin market. Stablecoins are cryptocurrencies whose value is pegged to an asset that has a relatively more stable price. To keep USDT’s price pegged to the USD each USDT issued is backed with real US dollars. The popularity of USDT exploded since its initial release and has been attributed as one of the primary catalysts that have propelled bitcoin (BTC) to new all-time-highs.
As an effort to maintain its leadership position in the industry Tether inc., the company behind USDT has recently tapped the services of Chainalysis, a blockchain forensics company to augment its anti-money laundering capabilities. This is a timely decision for the company as it has become the top cryptocurrency in terms of the trading volume. Moreover, it has been expanding the number of supported blockchains which include Omni, ethereum, EOS, liquid, tron, and algorand. According to Tether Chief Technology officer Paolo Ardoino, this will ensure a secure compliance program to regulators, law enforcers, and users.
While supporting multiple chains is a great initiative from the leading stablecoin, it presents some challenges to users especially to those who are new to blockhain technology and do not understand the differences or incompatibilities of these different types of Tether. This adds another layer of complexity in using the said digital asset. More importantly, it puts new Tether users the risk as they might send Tether to incompatible blockchain types. Fortunately, some of the leading crypto exchanges in the industry have taken the steps to enable its users to convert their Tether to a blockchain that they prefer.
Newdex USDT Cross Chain Conversion Function
To mitigate this risk and to add more value to its platform, leading decentralized exchange, Newdex has launched the USDT cross-chain gateway. With this new initiative, it effectively addresses the heart of the problem and has given unprecedented flexibility to its users. This feature was launched on December 25, 2019, and is available on the desktop through the webs portal or Dapp embedded in Wallet. For easier access to this feature, they have meticulously positioned its links on both PC and mobile. This gives users the convenience of conversion without having to leave the window or page they are working at.
The only requirement to be able to use this feature is that you have your own noncustodial wallet or personal account in EOS, TRON, and Ethereum. Most of Newdex’s partner crypto wallets allow the creation of these accounts easily and free for TRON and Ethereum. EOS, on the other hand, needs initial EOS staked for resource allocation to enable feeless transactions. There are however ways how to get them for free as many of its partner dapps offer free EOS accounts creation, a quick google search will point you where to find them.
The USDT Cross-chain Conversion function currently supports four types of conversion. The first one is USDT EOS to USDT TRON. This type of conversion does not require any type of conversion or processing fee. This is also the same when doing the second type which going in the opposite direction. No fees are required when converting USDT TRON to USDT EOS. The third type of conversion of USDT EOS to USDT ETH. This requires a miner fee and a minimal conversion fee of 0.5 USDT. This is the same as the fourth type which is USDT ETH to USDT EOS.
This new feature is a nice compliment to the services of Newdex which has positioned itself as a one-stop-shop for cryptocurrency-related services having a multi-chain decentralized exchange, Over-the-counter OTC services and a partnership with third party next-generation staking pool Newpool. Only time will tell if the Newdex will support the other types of USDT, but, for the time being it supports the most relevant and active USDT versions — EOS, ETH and TRON USDTs. Now users of Newdex can seamlessly transfer their USDT to the different supported blockchains.
How to access the USDT Cross-chain Conversion Functionality
Accessing via PC
Accessing this feature is quite straight forward. For PC, all you have to do is go to the USDT market of the DEX. Once you are there you can see the “Convert USDT” link just below the right corner bottom of the graph or just above the sell order box as shown on the screenshot shown below.
It can also be accessed by clicking on your account name (Located on the upper hand right corner of the screen) to bring you to the personal asset center page as shown below. The “Convert USDT” link should be located just beside the search field.
The “Convert USDT” link in the USDT market and in the personal asset center page brings us to the same pop-out window where we are given the options to choose which blockchains we want to use and to what blockchain we want to convert the USDT into.
As you can see we have four types of USDT conversion. USDT EOS to USDT TRON, USDT TRON to EOS, USDT EOS to USDT ETH, and USDT ETH to USDT EOS.
Accessing Via Mobile DApp
This feature can also be accessed via the DApp explorer of the various supported cryptocurrency wallets in both EOS and TRON. The location of the “Convert USDT” link is a little different from the PC version due to the size constraints of mobile devices. To access this you will have to access Newdex using the DApp explorer function of a supported wallet. Once you are in Newdex find the USDT market trading page and click on any of the trading pairs on that market. In our case we chose EOS/USDT, however, this can be any pair. Once clicked you will be able to find the “Convert USDT” beside the “Sell” red button as shown below.
Like in the PC version the “Convert USDT” link can also be accessed via the personal asset center, as shown in the screenshot below.
Both of these links go to the same pop-out window where users will be able to choose which USDT type to change and to what blockchain they want to change it to. A sample of the pop-out window screenshot is shown below.
As you can see from our screenshots operating the new feature is quite simple and best of all, there is no need to deposit or withdraw your tokens. Your USDTs are deposited and withdrawn directly to the user’s specified wallet. This is another awesome feature of Newdex as they continue to innovate and create value-adding features into their platform to benefit their users. No wonder Newdex has become the leading decentralized exchange worldwide, but don’t take our word for it check it out yourself.