Product Updates

USDT now supported on StraitsX

April 8, 2024

We are pleased to share that Tether (USDT) is now supported on the StraitsX platform for Singapore and International Personal and Business accounts. This latest development will allow users to seamlessly deposit, swap, store, and manage USDT. 

Manage USDT funds via your StraitsX account dashboard:

  1. Transfer In USDT from preferred custodial/non-custodial address
  2. Transfer Out USDT to the preferred custodial/non-custodial address
  3. Swap USDT for USDC and vice versa with StraitsX Swap

Log in or Sign Up to start managing your USDT funds with us today!

How can I fund my StraitsX account with USDT?

Users can now Transfer In USDT from their preferred custodial/non-custodial blockchain addresses and store the token within the StraitsX account. 

Users can also Transfer Out USDT funds to their preferred custodial/non-custodial blockchain addresses. Please ensure you have whitelisted your blockchain address before initiating any inbound or outbound USDT transfers.

Are there any fees associated with USDT Transfers?

There will be a Transfer In Fee of 0.5 USDT, with Transfer In fees waived for transfers of less than 10 USDT.

Transfer Out Fees are based on network fees, and will be capped at 30 USDT. StraitsX will continue to cover any network fees over 30 USDT.

Which blockchain networks are supported for USDT transactions?

The Ethereum network is currently supported for USDT (ERC-20) transactions with more blockchain networks to be supported in the future.

Can I off-ramp USDT via StraitsX?

It is possible to do so via StraitsX Swap, a 24/7 service available via your StraitsX account dashboard.  Swap USDT to USDC and off-ramp USDC as USD directly to a Singapore-based bank account.

Selling of USDT via StraitsX Swap is limited to 100,000 USDT per transaction, with no limit on the number of transactions per day. FX rates and exchange spreads may apply for StraitsX Swap transactions.

Does StraitsX Swap support USDT/XSGD pairs?

StraitsX Swap currently does not offer direct USDT: XSGD pairs at the moment. If you are looking to off-ramp USDT as SGD, you may swap USDT to USDC, before selling USDC for XSGD on StraitsX Swap.

Can I initiate larger bulk trades of USDT?

StraitsX OTC currently also supports USDT trades, with bulk trades starting from 100,000 USD. With the tightest spreads and deep liquidity on offer, more than 341 million USDT has been traded via the StraitsX OTC desk to date.   

Why this development matters

Tether, a pioneering stablecoin in the cryptocurrency space, has gained widespread recognition for its stability and liquidity. As one of the most widely-used stablecoins globally, Tether offers users a reliable digital asset pegged to the value of the US dollar. 

The inclusion of USDT further enriches the suite of StraitsX’s supported stablecoins, complementing our existing support for USDC. By offering both USDT and USDC, we aim to provide a comprehensive solution for individuals and institutions seeking efficient and secure avenues for transacting with USD-pegged stablecoins. This expansion not only enhances the platform's utility but also underscores StraitsX's commitment to meeting the diverse needs of its user base and only supporting trusted stablecoins.

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