Tether (USDT) on the Arbitrum network
Features of USDT on the Arbitrum network
Arbitrum is one of the cheapest networks for USDT transfers and more: the average cost of transactions is less than one cent. At the same time, transactions are completed in just a few seconds. This is why Arbitrum is so popular among Tether token holders.
Not surprisingly, Arbitrum is the third most liquid USDT token after Ethereum and Tron. Arbitrum also ranks fourth in terms of users attracted to the ecosystem (7.3 million), following Ethereum, Polygon, and Bitcoin.
The USDT token in the Arbitrum network has a smart contract that controls the issuance and circulation of the stablecoin. Using the Arbiscan blockchain browser, any user can check information such as the number of USDT tokens issued in the Arbitrum network, the last major transactions with this stablecoin, the number of addresses that own USDT, and other data.
How to buy USDT on the Arbitrum network using BestChange?
On the BestChange homepage, there is an exchange table where the user first needs to select the direction of the exchange. To receive USDT, one of the available ways to purchase the stablecoin must be selected in the left column:
- electronic payment systems;
- bank cards and transfers;
- cash;
- cryptocurrency;
- other ways (for example, crypto exchange balance or phone account).
In the right column, you must select Tether ARBITRUM (USDT). After that, a list of relevant exchangers that allow you to buy USDT in the Arbitrum network will appear on the BestChange website. Next, the order of exchange will be as follows:
- The user chooses an exchanger that suits him and goes to its website to create an application.
- The user fills out the exchange request form. You should specify the address of the wallet to receive USDT in the Arbitrum network, the exchange amount and e-mail address, and other information as required by the particular exchanger. Before creating a request, you should carefully familiarize yourself with the exchange rules of a specific service.
- Then, the user sends the required amount in fiat or cryptocurrency, depending on the chosen direction, to the details specified by the exchanger and waits for the transfer confirmation.
- After the exchanger confirms the transfer, USDT tokens will be sent to the wallet in the Arbitrum network specified by the user.
Where can USDT be stored in the Arbitrum network?
Arbitrum is an EVM-compliant network. This means it supports Ethereum's address format, and you can regain access to your Arbitrum wallet using the same private key or seed phrase. USDT in the Arbitrum network can be stored in any EVM wallet:
- MetaMask;
- Trust Wallet;
- Rabby;
- OKX Wallet;
- Zerion;
- 1inch Wallet;
- Uniswap Wallet and others.
What are the advantages of using USDT tokens in the Arbitrum network?
Arbitrum has an ecosystem of over 600 DeFi protocols, such as decentralized exchanges, lending protocols, and NFT marketplaces. By the way, Arbitrum ranks 5th among all blockchains in terms of the number of assets locked in protocols (TVL), which exceeds $2.5 billion as of May 2024 (according to DeFi Llama).
The Arbitrum network provides USDT holders access to many different services in the decentralized finance segment, such as liquidity mining, farming, lending, and trading. This allows users to generate income in DeFi with high and low risks.