Tether is the most popular and first stablecoin based on the value of the US dollar. At the moment, it is the third largest cryptocurrency in terms of capitalization (users have invested over $ 23.5 billion in it). This is understandable: a stablecoin is devoid of the volatility inherent in conventional cryptocurrencies, but at the same time it has all its advantages – anonymity, decentralization and freedom.
- 1 What is the Difference Between Tether OMNI, ERC-20 and TRC-20
- 2 Wallets for Tether OMNI
- 3 1. Omni wallet
- 4 2. Omni Core
- 5 Wallets for Tether ERC20
- 6 3. MyEtherWallet
- 7 4. Metamask
- 8 5. Guarda
- 9 6. Trust wallet
- 10 Wallets for Tether TRC20
- 11 7. imToken
- 12 8. TronLink
- 13 9. Math wallet
- 14 Other ways to store USDT
- 15 How to top up your wallet and buy Tether
- 16 Conclusion
What is the Difference Between Tether OMNI, ERC-20 and TRC-20
Initially, USDT was launched on the Bitcoin blockchain, but over time it became so popular that, for the convenience of users, it was also launched on other popular blockchains, since each of them has its own advantages and disadvantages.
- USDT Omni runs on the Bitcoin blockchain through the Omni Layer protocol. Thus, the wallet address is generated in the same format as BTC, and all transactions go through the BTC network.
- USDT ERC20 functions similarly on the Ethereum blockchain.
- USDT TRC20 – Tron blockchain.
There are also USDT variants issued on the Binance Chain, Binance Smart Chain, EOS, Algorand blockchains, and Tether Gold pegged to the value of gold.
From a functional point of view, all the options launched after Omni are distinguished by noticeably faster and cheaper transactions. In addition, the launch of Tether on additional blockchains had another purpose: the development of the field of decentralized applications that are actively appearing on ETH, TRON and Binance Smart Chain, in contrast to Bitcoin.
Each option works only within its own network, so you cannot send any of the standards to a network that it does not support.
Wallets for Tether OMNI
1. Omni wallet
Online wallet that runs from a browser. To create, you just need to come up with a password and enter your email address. The user himself controls his keys, and they are sent to the server exclusively in encrypted form. The wallet is open source as well as a simple, intuitive user interface. The MyAddresses section contains addresses for transferring OMNI Tether (USDT) to them, as well as Bitcoin (BTC) cryptocurrencies. Bitcoin is needed to pay fees for transferring Tether from the wallet.
You can exchange any assets placed on the Bitcoin network on the built-in exchange, and in addition, create assets yourself and launch crowdsales. By default, the wallet supports Bitcoin, Omni Token and Test Omni Token, but you can add any of the other supported assets that you want to manage.
2. Omni Core
An implementation of the Omni Layer based on the Bitcoin Core software base (currently version 0.18). For the Bitcoin network, this is a “native implementation” that does not require any external software solutions. Available on Windows, Linux and Mac OS platforms. The JSON-RPC interface is used to support Omni Layer extensions.
Omni Core was created in 2017 after some security threats emerged on Tether. During the transition, the release of new tokens on the network was limited. However, now all vulnerabilities have been eliminated, and the wallet is not inferior in terms of reliability to Bitcoin Core.
Wallets for Tether ERC20
User data is not stored on MyEtherWallet servers. Browser mechanisms are used to generate data, then the keys are stored on the user’s phone or computer, so there is no need to trust a third party with the security of your funds.
Metamask is a multi-currency wallet for ERC20 tokens, which also provides the ability to interact with various dApps. It has a mechanism for connecting to decentralized protocols, thanks to which it is possible to enter and withdraw funds from these protocols through it.
Metamask is presented in a convenient form of a browser extension, and a mobile application with similar functionality has been launched. Does not store user keys, is open source. The wallet provides the most convenient way to connect to protocols such as Compound, Maker, Uniswap, etc.
The wallet supports three types of USDT (ERC20, TRC20, OMNI). Allows you not only to store assets, but also instantly exchange them on the built-in exchange. There is a FIU license, which gives the right to exchange digital currencies for fiat ones. The wallet is non-custodial, that is, it does not have access to users’ funds. Decentralization of software is at the heart of the ecosystem.
Guarda is available on the web, as well as iOS and Android apps. Allows you to buy cryptocurrency using MasterCard or Visa. Also, using a wallet, you can earn 10+ coins on staking with a yield of up to 25% per annum. Recently, Ethereum 2.0 staking has also been added with a yield of up to 11.05% per annum.
6. Trust wallet
A mobile application officially supported by the Binance cryptocurrency exchange. It works with a large number of assets, allows you to buy them from a card or exchange them on the built-in exchange. The application does not collect personal data about users and does not have access to their funds. Download options available for iOS or Android.
Trust Wallet also has an integrated browser for working with decentralized applications and support for collectible tokens of the ERC721 standard.
Wallets for Tether TRC20
The wallet supports 11 blockchain tokens, including TRON. It can be used in conjunction with hardware cold wallets for increased security. Presented as a mobile application for Android and iOS. When sending transactions, it allows you to adjust the commission if you need to speed up the payment. Supports fast transfers with biometric security.
Search inside the application allows you to manually add any token of interest if it is not in the list. imToken is an open source, non-custodial wallet that is almost an integral requirement of any secure asset storage service.
Mobile app + Chrome browser extension. Decentralized wallet with multi-layer encryption algorithm to ensure data security. Seamless integration with the TRON mainnet to ensure instant information updates. Private keys are stored locally by the user.
The wallet supports the entire TRON ecosystem, allowing you to store assets such as TRX and TRC10, TRC20 tokens. In addition, it enables deep interaction with the TRON ecosystem, including voting functions.
9. Math wallet
The multifunctional crypto wallet is different in that it supports more than 65 different blockchains and all assets working on them, including, of course, USDT TRC20. Another feature is the freedom to choose the form of interaction: there is a mobile application, a browser extension, a web wallet, and you can also connect Ledger and WOOKONG Bio hardware wallets.
In addition to storing assets, Math Wallet provides services such as a decentralized application store, staking pool, its own MATH token, exchange and payment services, and many others.
Other ways to store USDT
Many crypto exchanges, such as Binance, support all or at least several Tether formats at once. When you deposit or withdraw funds from the site, you will need to indicate which standard you are interested in, since sending funds to the wrong address will lead to the fact that they will be lost.
Binance supports Tether (USDT) of BEP2, BEP20, ERC20, OMNI, TRC20 standards:
Also for storing large amounts, hardware wallets (Ledger, Trezor) should be considered. Each of them supports over 1000 assets and dozens of different blockchains, and USDT, as the most popular stablecoin, is supported by all hardware wallets without exception. At the same time, the security of funds is at the highest level.
How to top up your wallet and buy Tether
The main ways to buy USDT today are:
✅ Cryptocurrency exchanges. The asset is supported on almost all centralized platforms (Binance, Bybit, EXMO, Huobi, FTX and others), as well as on decentralized ones (in this case, the USDT standard is supported, which corresponds to the blockchain on which the exchange itself operates).
✅ Exchangers. When choosing an exchanger, see what USDT standards it supports. As a rule, there is a choice of 2-3 formats (OMNI, ERC20, TRC20). Examples of exchangers working with Tether: Prostocash, Bitality, Nice Change, Mchange.
✅ p2p platforms. Bitpapa, Cryptolocator, Binance p2p, Paxful and a number of other peer-to-peer exchanges allow you to work with Tether by buying (or selling) this stablecoin in any convenient way, without intermediaries and at minimal cost.
✅ Official site. You can create and verify an account on the official website https://tether.to/, which will make it possible to issue and redeem tokens. However, this process is not very convenient for ordinary users, if only because verification of verification data can take up to several days. The method is suitable for large companies or investors.
Always carefully indicate the credit address in order to receive Tether to your wallet without any problems. Sending USDT to the wrong address will result in loss of funds. In rare cases, developers can help with recovery, but only if the amount was more than serious.
Tether has become one of the most famous cryptocurrencies over the past few years. Using USDT, traders can store their savings in assets pegged to the US dollar without unnecessary transaction costs when converting to and from crypto. Of course, there are certain problems associated with this project – for example, its centralization, that is, the management of a specific company. Therefore, now many are looking towards more decentralized stablecoins. However, Tether is not losing ground so far.