The Bidged Tether tokens by Everdawn Labs are solutions to transfer Tether tokens by adding seamless cross-chain functionality. These bridged versions of Tether tokens are designed to extend their availability to blockchains where they are not natively issued.
These Bridged Tether tokens operate on a “lock-and-mint” mechanism meaning that, for instance, USDt is locked on Ethereum while an equivalent amount of USDT0 is minted on the destination chain. This system is powered by LayerZero’s Omnichain Fungible Token (OFT) standard, which facilitates secure and seamless cross-chain transfers.
Unlike standard Tether tokens, the Bridged Tether tokens supported on Bitfinex are not directly issued or redeemable by Tether but are managed by Everdawn Labs, making them a distinct asset that requires users to swap between them through the currency conversion tool on Bitfinex.
Which Bridged Tether tokens are supported
The Bridged Tether tokens listed below are supported on Bitfinex:
- Bridged USDt Tether Tokens: USDT0
Bitfinex users with Basic Plus and higher-level accounts can deposit and withdraw Bridged Tether tokens.
If you have any questions, please feel free to reach out to Bitfinex Support. We are happy to help!