Wormhole Launches Native USDT Transfers Across Multiple Blockchains

Wormhole
has
introduced
native
USDT
transfers
for
several
major
blockchains,
including
Ethereum,
Arbitrum,
Base,
Optimism,
Polygon,
BNB
Chain,
and
Avalanche.
This
new
functionality
leverages
the
decentralized
exchange
(DEX)
infrastructure
provided
by
Uniswap
v3
and
PancakeSwap
pools,
according
to
Wormhole’s
official
blog
post.

Native
USDT
Transfers

The
system
utilizes
Wormhole’s
cross-chain
capabilities
combined
with
the
concentrated
liquidity
pools
of
PancakeSwap
and
Uniswap
v3.
Key
features
include:

• Competitive
  fee
  pricing
  for
  USDT
  transfers.
• Gas-free
  transfers
  on
  the
  destination
  chain,
  allowing
  movement
  of
  USDT
  without
  needing
  assets
  on
  the
  receiving
  blockchain.
• A
  user-friendly
  interface
  that
  simplifies
  the
  transfer
  process
  to
  a
  single
  function
  call
  via
  the
  Portal
  app.

Architecture

Each
supported
blockchain
will
have
a
dedicated
xUSDT/USDT
pool.
This
pool
facilitates
trading
between
xUSDT
(Wormhole
USDT)
and
local,
wrapped
USDT.
As
these
pools
are
standard
Uniswap
v3
or
PancakeSwap
pools,
liquidity
providers
(LPs)
can
participate
freely
and
set
their
preferred
fee
structures.
Most
liquidity
is
expected
to
concentrate
near
the
median,
though
some
LPs
might
opt
for
varying
fee
rates.

How
It
Works

For
instance,
transferring
USDT
from
Optimism
to
Base
involves
swapping
USDT
to
Wormhole
xUSDT
on
Uniswap
(Optimism),
transferring
xUSDT
to
Base,
and
then
swapping
it
to
Base-native
USDT
on
Uniswap
(Base).
This
entire
process
incurs
minimal
fees
and
is
completed
at
high
speed.
Users
begin
with
native
USDT
on
one
blockchain
and
end
with
native
USDT
on
another,
with
minimal
cost.

Availability

At
launch,
native-to-native
USDT
transfers
are
available
across
Ethereum,
Arbitrum,
Base,
Optimism,
Polygon,
BNB
Chain,
and
Avalanche.
PancakeSwap
pools
are
active
on
Arbitrum,
Base,
and
BNB
Chain,
while
Uniswap
pools
are
live
on
Optimism,
Polygon,
and
Avalanche.

Developer
Integration

Developers
can
integrate
native
USDT
transfer
functionality
into
their
applications
using
Wormhole
Connect.
The
widget
can
be
accessed

here
and
documentation
is
available

here.
More
advanced
integrations
via
the
Wormhole
SDK
are
expected
soon.

About
Wormhole

Wormhole
is
a
leading
interoperability
platform
that
enables
multichain
applications
and
bridges
at
scale.
It
connects
developers
to
liquidity
and
users
across
more
than
30
blockchain
networks,
supporting
use
cases
in
DeFi,
NFTs,
governance,
and
more.
Trusted
by
projects
like
Circle
and
Uniswap,
Wormhole
has
facilitated
over
$40
billion
in
transfers
through
more
than
1
billion
cross-chain
messages.

Image
source:
Shutterstock