Global cryptocurrency exchange Upbit has announced the addition of Tether (USDT) to its KRW and BTC markets. This update will be effective from June 7, 2024. Deposit and withdrawal operations will commence within three hours following the announcement, and trading support will begin between 17:00 and 18:00 local time on the same day.
How Will USDT Be Integrated?
According to Upbit, Tether will be available on both the Tron and Ethereum networks. Users are advised to verify the network prior to making any transactions to avoid lengthy refund processes that may occur due to unsupported network transactions. Following deposit instructions accurately and using verified wallet addresses is essential for a smooth operation.
What Are the Trading Restrictions?
Several restrictions will be enforced to ensure a stable trading experience. Initially, there will be a five-minute restriction on buy orders after trading is enabled. Sell orders priced 10% lower than the previous day’s closing price will also face the same five-minute restriction. These constraints will apply to market and pending orders for approximately an hour once trading support is active. Upbit has set USDT’s previous day’s closing price at 1,387 KRW and 0.00001411 BTC.
Key Takeaways for Users
Here are some actionable insights for users:
- Verify the network before conducting transactions to avoid delays.
- Follow deposit instructions and use verified wallet addresses.
- Be aware of the initial trading restrictions on buy and sell orders.
- Understand the price constraints set by Upbit for smooth trading.
Tether (USDT) is a stablecoin backed by fiat currency reserves and maintains a 1:1 peg to fiat currencies. Users can acquire USDT by transferring fiat currency to the issuer, with the value guaranteed by Tether’s reserves.
In conclusion, Upbit has reminded investors to be cautious, given the volatile nature of cryptocurrencies. Prices can fluctuate quickly due to speculative demand and regulatory changes. Thus, thorough research and careful consideration are crucial before investing. Investors must take responsibility for their decisions and any potential losses.
Upbit’s goal is to create a stable trading environment by implementing measures such as limiting the minimum order amount.