Binance Announces Tether (USDT) Integration for Deposits/Withdraws for EOS Network
The EOS ecosystem has achieved another major milestone on the road to mass-adoption, with the EOS version of USDT now listed on Binance.
Binance is one of the largest crypto exchanges in the world with over $76 Billion in 24 hour trading volume, generated by over 120 million registered users. Having native stablecoin integrations on this platform exposes the EOS ecosystem to a massive amount of economic activity that hasn’t been available in the past.
This is part of an ongoing initiative by the EOS Network Foundation (ENF) to list EOS native USDT on major exchanges. Check out a recent update that ENF CEO, Yves La Rose, gave on this initiative below.
The Benefits of a Binance Stablecoin On-Ramp
Binance users will now be able to transfer USDT in and out of the EOS Network without needing to convert their holdings to EOS or use a third party bridge. The experience will be as seamless as moving USDT to any other major blockchain network.
This feature comes at a perfect time, as new initiatives such as Yield+ aim to increase the TVL of the network by offering yield incentives to EOS DeFi applications based on the value of EOS and USDT locked into their protocols.
More than ever before, the EOS ecosystem is better exposed to lay-people that may want to engage in Web3 applications with a simple onramp and a stable currency, as users may now acquire EOS native USDT on Binance.
Improving Worker Compensation on EOS
Being listed on Binance makes it easier for projects building on EOS to compensate their workers as well, enabling payment in a stablecoin which has a convenient fiat off-ramp for users around the world. This will likely result in an increased number of projects bringing their efforts to EOS.
Promoting EOS as a Go-To Network for USDT Transactions
Perhaps the most exciting is the fact that anyone holding USDT on Binace can now send USDT with all the benefits that EOS has to offer. This includes being extremely fast, cheap to transfer and low on energy consumption. With this in mind, EOS could become the leading network for transacting USDT, encouraging other major platforms to begin exposing themselves to our technology.
With Antelope IBC coming in the near future, this milestone will also benefit other Antelope powered networks. EOS USDT that is bridged to other Antelope chains through IBC will serve as a potentially more secure USDT on-ramp than traditional bridges.
Conclusion: Growth is Stable for the EOS Ecosystem
USDT is an important pillar of the DeFi landscape both inside and outside of the EOS ecosystem. While many blockchains have wrapped versions of USDT on their network, few offer official USDT and even fewer are directly integrated into Binance. This is because major industry players like Binance & Tether have extremely high standards when it comes to which projects they choose to engage with.
It speaks volumes that both of these projects have chosen to engage with the EOS Network in such a prominent way. There is no doubt that EOS has been gaining traction within the competitive landscape of Web3 and it’s exciting to see our community finally getting the recognition it deserves. Help us spread the word about EOS to the broader blockchain community by sharing this article on social media.
EOS Network
The EOS Network is a 3rd generation blockchain platform powered by the EOS VM, a low-latency, highly performant, and extensible WebAssembly engine for deterministic execution of near feeless transactions; purpose-built for enabling optimal web3 user and developer experiences. EOS is the flagship blockchain and financial center of the Antelope protocol, serving as the driving force behind multi-chain collaboration and public goods funding for tools and infrastructure through the EOS Network Foundation (ENF).
EOS Network Foundation
The EOS Network Foundation (ENF) is a not-for-profit organization that coordinates financial and non-financial support to encourage the growth and development of the EOS Network. The ENF is the hub of the EOS Network, harnessing the power of decentralization as a force for positive global change to chart a coordinated future for EOS.
