Tether (USDT) is the most widely used and liquid stablecoin in the crypto market. As of 2024, Tether supports 12 different blockchains natively, including Ethereum, Tron, and Solana.
Tether can be deposited, transferred, and swapped on the BNB Smart Chain (BSC) as well. Tether on the BNB Smart Chain is known as USDT BEP20. BEP20 is a token standard that expands on Ethereumâs ERC20, being more flexible in terms of token generation and cheaper to use due to lower gas fees.
In this article, we are going to show you how to deposit, transfer, and swap the BEP20 version of Tether using Binance and MetaMask.
Key highlights:
- BEP20 USDT is a token on the BNB Smart Chain blockchain that represents the USDT stablecoin.
- Users can convert their USDT tokens to USDT (BEP20) using the Binance cryptocurrency exchange.
- You need to be very careful not to send USDT BEP20 to anERC20 address, as that would cause you to permanently lose your tokens.
- You can use BEP20 USDT tokens on the BNB Smart Chain blockchain just like any other token that's based on the BEP20 standard.
- The contract address for USDT BEP20 is 0x55d398326f99059ff775485246999027b3197955, whichcan be used to send and receive USDT BEP20 tokens.
How to deposit USDT (BEP20) on the BNB Smart Chain
The easiest way to deposit USDT on the BNB Smart Chain is to register an account on Binance if you donât already have one and deposit Tether to the BNB Smart Chain network. If you are sending your USDT from another network, the USDT you sent will be automatically converted to the BEP20 version of USDT.
Deposit USDT (BEP20) on Binance
Step 1: Head to the Binance homepage and deposit Tether
Click on the yellow âDepositâ button on the Binance homepage.
Step 2: Select the Deposit Crypto option
Proceed by selecting the âDeposit Cryptoâ option. This will allow you to transfer your existing digital assets to the blockchain network of your choice.
Step 3: Select BNB Smart Chain as the destination network
Next, select the coin or token you wish to deposit and the network you wish to transfer it to. For the purposes of this guide, we are depositing Tether (USDT) to the BNB Smart Chain (BSC). After selecting the coin and the network, copy the deposit address and use it to deposit your assets. After the deposit is complete, the funds will be accessible by using any crypto wallet that supports BSC or by accessing it via the Binance Spot Wallet. The minimum deposit amount is 0.01 USDT.
How to transfer USDT (BEP20) on the BNB Smart Chain
Now that youâve successfully deposited Tether to the BNB Smart Chain using Binance, youâll have the option to transfer it to some other address. You can transfer it to some other BEP20 wallet address, or to Ethereum, or any other support network.
Transfer USDT (BEP20) on Binance
Step 1: Open your Fiat and Spot wallet
On the Binance homepage, click on the âWalletâ drop-down menu and select âFiat and Spotâ.
Step 2: Search for USDT from the list of available cryptocurrencies
Next, find USDT and click on the three dots on the far right side of the scree. Click on âWithdrawâ to continue.
Step 3: Enter the destination blockchain address and the transfer amount
Select USDT as the coin youâll be transferring and enter the address you wish to transfer your USDT to. It can be on the BNB Smart Chain Network, or any support blockchain. Enter the transfer (withdrawal) amount and click âWithdrawâ to complete the transfer. Keep in mind that the transfer fee changes depending on the network you choose. The fee for transferring USDT on the BNB Smart Chain is 0.33 USDT.
How to swap USDT (BEP20) on the BNB Smart Chain
To swap USDT for some other cryptocurrency on the same chain, you can use Binanceor any other crypto exchange that supports BEP20 addresses. You can also use a dedicated cryptocurrency wallet like MetaMask.
Step 1: Add BNB Smart Chain to MetaMask
Open your MetaMask and add BNB Smart Chain from the list of networks. For a more detailed description of the process, you can check out our How to add BNB Smart Chain (BSC) to MetaMask? guide.
Step 2: Swap crypto
After selecting BSC as the default network, continue by clicking on the âSwapâ button in your MetaMask wallet.
Step 3: Swap USDT (BEP20)
Select the coins or tokens you wish to swap. For the purposes of this guide, weâre swapping USDT to BNB. Keep in mind that the MetaMask and gas fees apply. Once you are happy with the provided quotes, click on âSwapâ to complete the swap.
USDT (BEP20) FAQs
What is USDT BEP20?
USDT BEP20 is a token running on the BNB Smart Chain network that represents theTether (USDT) stablecoin. It is a 1:1 pegged token, which means that each USDT BEP20 token is backed by 1 US dollar in Tether's reserves.
Can I transfer USDT through BEP20?
Yes, you can transfer USDT through BEP20. There are a couple of things you should be aware of when transferring USDT through BEP20:
- Make sure that you are using the correct network. If you send USDT to an ERC-20 address, the tokens will be lost.
- Make sure that you have enough BNB in your wallet to cover the transaction fees. The transaction fees on BSC are much lower than the fees on Ethereum, but you will still need to pay a small fee.
- Be patient. The transaction may take a few minutes to process.
What is the difference between USDT BEP20 and USDT ERC20?
The main difference between USDT BEP20 and USDT ERC20 is the blockchain network they are issued on. USDT BEP20 is issued on the BNB Smart Chain (BSC), while USDT ERC20 is issued on the Ethereum blockchain.
How do I transfer USDT via BEP20?
To transfer USDT via BEP20, you will need to create a wallet that supports BEP20 tokens. Some popular options include MetaMask, Trust Wallet, and Binance Chain Wallet. Get the BEP20 USDT address of the wallet you want to transfer the tokens to. You can find this address by opening your wallet and clicking on the "Receive" button for USDT.
How to swap USDT BEP20 to ERC20?
To swap USDT BEP20 to USDT ERC20, you can use a centralized exchange (e.g., Binance), a decentralized exchange (e.g., PancakeSwap), or some other service that supports swapping cryptocurrencies between BSC and Ethereum.
How to create a USDT BEP20 wallet?
The easiest way to create a USDT BEP20 wallet is to set up a cryptocurrency wallet that supports the BSC network or open an account on a crypto exchange that supports BSC.
What is the USDT BEP20 contract address?
The contract address for USDT BEP20 is 0x55d398326f99059ff775485246999027b3197955. This address can be used to send and receive USDT BEP20 tokens.
The bottom line: You can easily deposit, transfer, and swap Tether (USDT) on the BNB Smart Chain (BEP20)
Using USDT of the BEP20 variety allows you to tap into Tetherâs multi-billion liquidity on the BNB Smart Chain. At the time of writing, there is $3.5 billion worth of Tether on the BNB Smart Chain spread among more than 15,400 addresses. Transferring USDT to BSC can be especially useful for those who want to use USDT for various decentralized finance (DeFi) use cases, like decentralized exchanges (DEXs) and other trading protocols. If you are looking to explore the DeFi landscape using USDT, we suggest you use a standalone crypto software wallet like MetaMask or Trust Wallet, which allows you to connect to numerous services in the BNB Smart Chain ecosystem.
