In a recent development, Binance has successfully integrated Tether (USDT) on the Arbitrum One and Optimism networks. This integration marks an important milestone for Binance and expands the availability of USDT on these networks. Tether (USDT) stablecoin deposits are currently possible on the Optimism and Arbitrum One network.
Binance Facilitates USDT Trading on Arbitrum One and Optimism Networks, Withdrawals Subject to Adequate Deposits
As a result, when trading or conducting transactions with USDT, they can take advantage of the advantages and services provided by these networks. However, Binance will enable Tether (USDT) withdrawals on the Arbitrum One and Optimism networks provided there are sufficient deposits to support the operation.
#Binance completes the integration of Tether $USDT on Arbitrum One and Optimism networks, with deposits now open.https://t.co/0NAbXFUlHd— Binance (@binance) June 2, 2023
Binance has made it clear that users will be notified via a different statement when withdrawals are ready. This integration of Tether (USDT) on the Arbitrum One and Optimism networks demonstrates Binance’s commitment to expanding its offerings and providing enhanced options for its users in the decentralized finance (DeFi) ecosystem.
It is critical to realize that Tether (USDT) on the Arbitrum One network is a bridged token and cannot be redeemed with Tether because it was not directly issued by Tether. Binance makes it clear that if there are any inconsistencies between the information’s original English version and any translated versions, the English version will take priority to ensure clarity.
Optimism Foundation Manages Tether (USDT) Bridging Smart Contract on Optimism Network
The Optimism Foundation oversees the bridging Tether (USDT) smart contract on the Optimism network. The fact that this smart contract is not issued by Tether and cannot be redeemed with Tether is crucial to understand. Users can still utilize Tether (USDT) for a variety of transactions and activities on the Optimism network. Similar to this, the bridging smart contract for Tether (USDT) on the Arbitrum One network is managed by Tether’s multisig.