June 1, 2020 | Product

Kraken to Support USDT on Ethereum Starting June 2

Kraken clients will soon be able to tap into the largest market for Tether (USDT).

Starting June 2 at approximately 13:30 UTC, Kraken will launch support for deposits and withdrawals of USDT on the Ethereum blockchain (USDT-ERC20).

Since traders typically deposit USDT for the purpose of trading other assets, we expect to see a boost in volumes across many of our markets, providing new opportunities for clients.

What is USDT-ERC20?

USDT was originally launched and issued on Bitcoin via the Omni Layer protocol (USDT-OMNI), but it has since been issued on several other blockchains, including Ethereum.

Although the different variants of USDT are different tokens on different blockchains, they will both be represented as USDT within your account.

How to deposit USDT-ERC20

Navigate to Funding > Tick “Show all assets”

Search for Tether (USDT) > Click “Deposit” next to Tether (USDT) > Select “ERC20” > Generate a deposit address > Send USDT to this address

Confirmations required before USDT-ERC20 deposits credit

USDT-ERC20 funding fees

Deposit/Withdrawal Minimum: 1 USDT
Deposit Fee: Free
Withdrawal Fee: 0.5 USDT
Deposit Address Setup Fee: 0.5 USDT

Can I still fund my account via the Omni Layer?

Yes. Kraken will continue to support USDT-OMNI.

Will USDT-ERC20 have a different trading symbol?

No. USDT will be the only Tether trading symbol visible from your account. Whether you deposit USDT-ERC20 or USDT-OMNI, it will result in a credit to your USDT account balance.