Tether (USDT) is the most widely used and liquid stablecoin in the crypto market. As of 2023, Tether supports 15 different blockchains natively, including Ethereum, Tron, and Solana.
Tether can be deposited, transferred, and swapped on the BNB Smart Chain (BSC) as well. Tether on the BNB Smart Chain is known as USDT BEP20. BEP20 is a token standard that expands on Ethereum’s ERC20, being more flexible in terms of token generation and cheaper to use due to lower gas fees.
In this article, we are going to show you how to deposit, transfer, and swap the BEP20 version of Tether using Binance and MetaMask.
How to deposit USDT (BEP20) on the BNB Smart Chain
The easiest way to deposit USDT on the BNB Smart Chain is to register an account on Binance if you don’t already have one and deposit Tether to the BNB Smart Chain network. If you are sending your USDT from another network, the USDT you sent will be automatically converted to the BEP20 version of USDT.
Deposit USDT (BEP20) on Binance
Step 1: Head to the Binance homepage and deposit Tether
Click on the yellow “Deposit” button on the Binance homepage.
Step 2: Select the Deposit Crypto option
Proceed by selecting the “Deposit Crypto” option. This will allow you to transfer your existing digital assets to the blockchain network of your choice.
Step 3: Select BNB Smart Chain as the destination network
Next, select the coin or token you wish to deposit and the network you wish to transfer it to. For the purposes of this guide, we are depositing Tether (USDT) to the BNB Smart Chain (BSC). After selecting the coin and the network, copy the deposit address and use it to deposit your assets. After the deposit is complete, the funds will be accessible by using any crypto wallet that supports BSC or by accessing it via the Binance Spot Wallet. The minimum deposit amount is 0.01 USDT.
How to transfer USDT (BEP20) on the BNB Smart Chain
Now that you’ve successfully deposited Tether to the BNB Smart Chain using Binance, you’ll have the option to transfer it to some other address. You can transfer it to some other BEP20 wallet address, or to Ethereum, or any other support network.
Transfer USDT (BEP20) on Binance
Step 1: Open your Fiat and Spot wallet
On the Binance homepage, click on the “Wallet” drop-down menu and select “Fiat and Spot”.
Step 2: Search for USDT from the list of available cryptocurrencies
Next, find USDT and click on the three dots on the far right side of the scree. Click on “Withdraw” to continue.
Step 3: Enter the destination blockchain address and the transfer amount
Select USDT as the coin you’ll be transferring and enter the address you wish to transfer your USDT to. It can be on the BNB Smart Chain Network, or any support blockchain. Enter the transfer (withdrawal) amount and click “Withdraw” to complete the transfer. Keep in mind that the transfer fee changes depending on the network you choose. The fee for transferring USDT on the BNB Smart Chain is 0.29 USDT.
How to swap USDT (BEP20) on the BNB Smart Chain
To swap USDT for some other cryptocurrency on the same chain, you can use Binance, Coinbase, or any other crypto exchange that supports BEP20 addresses. You can also use a dedicated cryptocurrency wallet like MetaMask.
Step 1: Add BNB Smart Chain to MetaMask
Open your MetaMask and add BNB Smart Chain from the list of networks. For a more detailed description of the process, you can check our How to add Binance Smart Chain (BNB) to MetaMask? guide.
Step 2: Swap crypto
After selecting BSC as the default network, continue by clicking on the “Swap” button in your MetaMask wallet.
Step 3: Swap USDT (BEP20)
Select the coins or tokens you wish to swap. For the purposes of this guide, we’re swapping USDT to BNB. Keep in mind that the MetaMask and gas fees apply. Once you are happy with the provided quotes, click on “Swap” to complete the swap.
The bottom line: You can easily deposit, transfer, and swap Tether (USDT) on the BNB Smart Chain (BEP20)
Using USDT of the BEP20 variety allows you to tap into Tether’s multi-billion liquidity on the BNB Smart Chain. This can be especially useful for those who want to use USDT for various decentralized finance (DeFi) use cases, like decentralized exchanges (DEXs) and other trading protocols. If you are looking to explore the DeFi landscape using USDT, we suggest you use a standalone crypto software wallet like MetaMask or Trust Wallet, which allows you to connect to numerous services in the BNB Smart Chain ecosystem.
