What are the 2 types of USDT?
The leading cryptocurrency stablecoin, Tether, also known as USDT, has been issued on multiple blockchains. The most common versions of USDT are ERC-20 and TRC-20, and this update will go through both of these in detail.
Additionally, we will also explore why Crypto Desk is considered the best OTC exchange to sell USDT in Dubai. Let’s delve deeper into this:
ERC20
USDT was initially launched as an ERC-20 token on the Ethereum blockchain, as this type of token is supported by the Ethereum Network. One of the features of ERC-20 is its ability to be stored in all compatible wallets. Moreover, it can be traded on various crypto platforms.
In addition, ERC-20 provides features like integration, compatibility, and security. It also offers a standard framework for developers, enforcing uniformity and simplifying the development and utilization of tokens throughout the Ethereum community.
TRC20
With time and increased popularity, Tether launched USDT on the Tron blockchain, and that particular USDT is known as TRC-20. This USDT leverages the capacity and speed of Tron network, and USDT (TRC-20) can be stored in Trong-compatible wallets. Moreover, USDT (TRC-20) can also be traded on Tron-based tokens.
USDT (TRC-20) tokens play a major role in the TRON ecosystem and put the TRC-20 tokens into the limelight by enabling greater transaction efficiency and scalability.
In addition, gaming platforms, decentralized finance (DeFi) operations, and other blockchain-powered applications have contributed to the escalating popularity of TRON.
What’s the difference between ERC20 and TRC20?
Although ERC-20 and TRC-20 are variants of USDT, both have clear differences in their characteristics. ERC-20 is linked to the Ethereum network, whereas, TRC-20 is tied to the Tron network.
ERC-20 tokens facilitate the development and management of diverse token types on the Ethereum network, including cryptocurrencies, utility tokens, and security tokens. Like ERC-20 tokens, TRC-20 tokens are also interchangeable.
Although both versions of USDT enable users to transact in USD equivalents without actually owning USD, they differ in transaction costs and speeds. Overall, USDT has become a popular tool for investors and traders seeking to mitigate the volatility inherent in cryptocurrencies.
Can I transfer USDT to TRC20?
Indeed, if Crypto Desk is a platform that supports the conversion of Tether (USDT) to the TRC20 protocol. USDT exists on multiple blockchain platforms, including Ethereum (as an ERC20 token), Tron (as a TRC20 token), and others.
If you want to transfer USDT to the TRC20 protocol, you must use a bridge or a compatible exchange.
Here are the steps you would typically take:
Find a Suitable Platform: Find an exchange or service that supports both the version of USDT you currently hold and TRC20 USDT. Many popular OTC exchanges like Crypto Desk allow for this sort of conversion but always verify beforehand.
Schedule an appointment: Contact Crypto Desk’s customer service via WhatsApp or through their website. Then, determine a payment option. However, make sure to select the correct version of USDT when making a deposit, choosing from either the ERC-20 or TRC-20 network.
Convert USDT: Once you confirm the deposit, you can convert or withdraw your USDT to TRC20 USDT.
Withdraw TRC20 USDT: Lastly, Crypto Desk will transfer your TRC-20 USDT to your TRON-compatible wallet once the conversion process is complete,
Conclusion
To sum this up, it’s important to understand the different networks of USDT, namely ERC-20, and TRC-20. Choosing the correct network is crucial; otherwise, the transferred amount could be lost.
In addition, TRC-20 tokens have become the default standard for the TRON network, with seamless integration into digital applications and smart contracts on TRON. If you want to start your crypto journey you need to have some USDT coins as they are stable. You can visit any crypto-friendly country, for example, you can buy USDT in Dubai from Crypto Desk
The versatility and fast transaction times of the TRON network allow TRC-20 tokens to be used for various purposes, from decentralized finance (DeFi) to gaming.