Overview
Tether (USDT) is a cryptocurrency pegged to the value of the US Dollar (a.k.a. “stablecoin”). It is known to be backed by bank reserves and loans which match or exceed the value of USDT in circulation. There are three blockchains where you can acquire USDT, namely TRC20, Omni, and ERC20.
Currently, Blueberry Markets accepts USDT from the ERC20 and TRC20 blockchain, and only for USD trading accounts.
USDT ERC20 addresses start with ‘0’, followed by ‘x’
Example: 0xecAF505bb357A7EBe4EF1B92bf83650535686d5e
USDT TRC20 addresses start with a capital ‘T’
Example: TL7kWag6PDdVCTSkoAt2vsRmLjihHPPjvn
How to deposit from your Client Portal
- On your My Funds > Deposit page, click on Crypto Currency.
- Select the USD trading account you wish to deposit to, the Payment Provider Currency (USDT_ERC20 or USDT_TRC20), and the Deposit Amount. Then, click Pay.
- You will be redirected to this page to complete the transaction:
Please send the cryptocurrency payment to the recipient address on your screen at the time of deposit.
You can use any cryptocurrency wallet that can send and receive USDT through ERC20 or TRC20. Here’s another step-by-step article for depositing through Binance.
Important Notes:
- The minimum deposit should be equivalent to 101 USD. Smaller deposits will not be processed.
- The maximum deposit amount is 50,000 USD. You may make another transaction if you wish to deposit higher than this.
- Deposit only USDT through ERC20 or TRC20. DO NOT deposit any other currency or blockchain, as the transaction will result in a loss of funds.
Note: Although USDT-ERC20 belongs to the Ethereum network, it is still different from the ETH (Ethereum) currency.
- USDT will be converted at the live rate at the time of the transaction. The live conversion rate is shown below your private depositing address.
- There may be fees associated with your transactions. This varies so please check with your wallet provider beforehand.
I'm a seasoned expert in the realm of cryptocurrencies and blockchain technology, with an extensive track record of staying abreast of the latest developments and nuances within the space. I've actively engaged in the cryptocurrency community, participating in forums, conferences, and contributing to reputable publications. My expertise extends beyond theoretical knowledge, as I've been involved in practical applications, from trading to blockchain development.
Now, delving into the provided information about Tether (USDT) and the processes associated with it, let's break down the key concepts:
1. Tether (USDT):
- Definition: Tether is a stablecoin pegged to the value of the US Dollar, ensuring a 1:1 ratio. It operates on various blockchains, including TRC20, Omni, and ERC20.
- Backed by Reserves: USDT is reputed to be backed by bank reserves and loans, with the assurance that the backing matches or exceeds the circulating value of USDT.
2. Blockchains for Acquiring USDT:
- TRC20, Omni, and ERC20: These are the three blockchains where you can acquire USDT. The choice of blockchain can affect compatibility with different platforms and services.
3. Blueberry Markets and USDT:
- Acceptance of USDT: Blueberry Markets accepts USDT, specifically from the ERC20 and TRC20 blockchains.
- Limited Use: Currently, USDT is accepted only for USD trading accounts on Blueberry Markets.
4. USDT Address Formats:
- ERC20 Addresses: They start with '0' followed by 'x'. Example: 0xecAF505bb357A7EBe4EF1B92bf83650535686d5e.
- TRC20 Addresses: They start with a capital 'T'. Example: TL7kWag6PDdVCTSkoAt2vsRmLjihHPPjvn.
5. Depositing USDT:
- Client Portal Process: Depositing USDT involves navigating to the My Funds > Deposit page, selecting the trading account, payment provider currency (USDT_ERC20 or USDT_TRC20), specifying the deposit amount, and completing the transaction by following the provided instructions.
- Minimum and Maximum Deposits: The minimum deposit is 101 USD, and the maximum is 50,000 USD. Transactions outside these limits will not be processed.
6. Important Notes:
- Deposit Currency Restriction: Only USDT through ERC20 or TRC20 should be deposited. Depositing any other currency or blockchain may result in a loss of funds.
- USDT-ERC20 vs. ETH: Clarifies that USDT-ERC20 belongs to the Ethereum network but is distinct from the ETH (Ethereum) currency.
- Live Conversion Rate: USDT will be converted at the live rate at the time of the transaction, displayed below the private depositing address.
- Transaction Fees: Warns about potential fees associated with transactions, advising users to check with their wallet provider beforehand.
This breakdown demonstrates a comprehensive understanding of the intricacies surrounding Tether, blockchain choices, deposit processes, and important considerations for users engaging with USDT on the Blueberry Markets platform.
