From 11pm (GMT + 1) today, you’ll be able to send USDT for lower fees on the Binance Smart Chain (BSC) network instead of the Ethereum network 🕺🏾🕺🏾🕺🏾🕺🏾.
The Ethereum network has provided so many new opportunities in crypto. But let’s face it, the network transaction fees can make you want to bang your head on the wall 🥵. $40 – $200 for a single transaction is no joke in this economy. Unfortunately, USDT happens to be on that network.
But what if we told you that you can now spend less than $2 to send USDT out of your Quidax wallet?
How Will This Work?
Using the Binance Smart Chain (BSC) Network.
Up until now, you’ve only been able to send USDT from Quidax over the Ethereum network (ERC20).
We carried out a poll and our customers chose USDT on the Binance Smart Chain (BSC) Network. So we’ve changed things up so that your USDT leaves your wallet as a BEP20 token on the BSC network and you only get charged a BSC fee.
To compare, sending $20 worth of USDT costs about $0.05 – $2 while that same transaction on the Ethereum network costs $40.
What this Means for Your Current USDT Balance
There are a few important things to note about this update:
- Your USDT balance stays the same.
- You will be able to recieve USDT BEP20 into your Quidax wallet
- You will still be able to receive USDT ERC20 but you can only send it out as a BEP20 token.
If you’d like to dive deeper into crypto networks, check out our explainer on >>> How the BEP-20 network works <<<