Summary: USDT.e and USDT are both US Dollar-pegged tokens on the Avalanche network. USDT is Tether's native token initially launched on Ethereum and USDT.e is a wrapped token launched on Avalanche, which is similar to how ETH and WETH function on Ethereum. Although there are plans in place to phase out USDT.e eventually, it will maintain its value peg and carries no inherent risks.
What is USDT.e?
USDT.e is a wrapped stablecoin on the Avalanche blockchain, representing USDT, which has been transferred from the Ethereum network. Essentially, it's a digital asset pegged to the U.S. Dollar and serves as a bridge between the Avalanche and Ethereum ecosystems. As Avalanche gains traction, the team behind Tether plans to phase out USDT.e in favor of their native USDT token on the Avalanche network. However, USDT.e remains a safe and reliable asset, fully backed by Tether and the Avalanche blockchain.
How to Swap USDT.e to USDT
If you're looking to convert USDT.e to native USDT on the Avalanche network, Platypus Finance is a recommended stablecoin swap platform. We recommend making the swap soon to avoid liquidity issues as Tether is gradually phasing out USDT.e.
Here's a straightforward guide to walk you through the process:
- Navigate to the Platypus Finance website.
- Locate and click on the 'Swap' feature.
- From the token list, choose USDT.e as the token you want to exchange and USDT as the token you want to receive.
- Enter the amount of USDT.e you'd like to convert; the exchange rate is typically 1:1.
- Review and confirm the transaction to complete the swap.
How to Add USDT.e to MetaMask
If you're interested in holding USDT.e on the Avalanche network using MetaMask, it's crucial to know the token's contract address. For USDT.e on Avalanche, the contract address is 0xc7198437980c041c805A1EDcbA50c1Ce5db95118.
Here's an easy guide to help you add USDT.e to your MetaMask:
- Open MetaMask and switch to the Avalanche network. Navigate to the 'Assets' tab and click on 'Add Token.'
- Choose 'Custom Token' and enter the contract address for USDT.e on Avalanche, which is 0xc7198437980c041c805A1EDcbA50c1Ce5db95118.
- Verify that MetaMask auto-fills the 'Token Symbol' and 'Decimals of Precision.' If not, input 'USDT.e' and '18' respectively.
- Confirm the details and click 'Add Tokens' to finalize the addition of USDT.e to your wallet.
Now, you've successfully added USDT.e to your MetaMask, making managing your assets on the Avalanche network easier.
Is USDT.e Safe?
Yes, USDT.e is considered a safe and reliable stablecoin, as it is backed by both Tether and the Avalanche blockchain. This gives it a level of trustworthiness and stability that users can rely on for their transactions and investments. However, it's worth noting that USDT.e is gradually becoming less liquid on the Avalanche network. This is happening because other stablecoins are growing in popularity and taking up a larger share of transactions and liquidity.
As a result, if you hold large quantities of USDT.e, you may face challenges when trying to convert it into native USDT in the future due to this decreasing liquidity. So, while USDT.e is secure and backed by reputable entities, be mindful of the evolving liquidity situation as other stablecoins gain prominence on the Avalanche network.
Final Thoughts
In summary, USDT.e is a reliable, U.S. Dollar-pegged stablecoin on the Avalanche network, acting as a bridge to the Ethereum ecosystem. While it's backed by both Tether and the Avalanche blockchain, its liquidity is gradually diminishing as Tether plans to phase it out in favor of native USDT on Avalanche. Therefore, if you're holding USDT.e, consider swapping it to native USDT through platforms like Platypus Finance.
Dylan Matthews is the Co-Founder and head of operations at Buy Bitcoin Bank, with a background in engineering and experience as a Prop Trader. He has leveraged his knowledge and skills to build and scale the platform, providing users with a seamless experience for buying and selling cryptocurrency.
