Wormhole Announces “Native USDT Transfers Across Multiple Blockchains”

Wormhole introduces an innovative solution for transferring native USDT across multiple blockchains, combining cross-chain functionality with the liquidity pools of PancakeSwap and Uniswap v3.

This advancement promises to simplify and reduce the costs associated with USDT transfers. Learn how this system can enhance liquidity and accessibility in the crypto space.

Supporting Ethereum, Polygon, Avalanche, and More

Wormhole, the provider of cross-chain cryptocurrency bridges, announced on July 9, 2024, the introduction of native USDT transfers across multiple blockchains.

This new system combines Wormhole’s cross-chain functionality with the concentrated liquidity pools of PancakeSwap and Uniswap v3, enabling native USDT transfers across the following seven blockchains:

• Ethereum
• Arbitrum
• Base
• Optimism
• Polygon
• BNB Chain
• Avalanche

Simplified and Cost-Effective Native USDT Transfers

Transferring Tether (USDT) between blockchains typically involves wrapped tokens, resulting in higher time and cost requirements. However, the new system promises simpler and more affordable native USDT transfers.

Users will benefit from competitive transfer fees and the ability to move USDT across chains without requiring assets on the destination chain. Additionally, a user-friendly portal application will be available.

Each chain will feature “xUSDT/USDT” pools used for trading xUSDT (Wormhole USDT) and wrapped USDT. These pools will operate on standard Uniswap v3/PancakeSwap protocols, welcoming all liquidity providers (LPs).

For example, when transferring USDT from Optimism to Base, the process involves exchanging USDT for xUSDT on Optimism’s Uniswap, transferring xUSDT to Base, and then exchanging xUSDT for native USDT on Base’s Uniswap.

Widget Embedding Tool Also Available

Users can start native USDT transfers using the “Portal Bridge.” Developers can integrate bridging functionality into their applications using “Wormhole Connect,” which offers a widget for easy embedding and comprehensive documentation.

While advanced integration via the Wormhole SDK is not yet supported, it is expected to be available soon.

The availability of Wormhole’s native USDT transfers is anticipated to enhance liquidity and user access across different chains.

>> Click here for the latest news related to Stablecoin