Can I add Tether to MetaMask?
Yes, adding USDT (Tether), a popular stablecoin pegged to the US dollar, to MetaMask is possible because it is an Ethereum-based wallet that supports ERC20 tokens, the standard for which USDT is built. MetaMask functions as a browser extension, creating a bridge between traditional web browsers and the Ethereum blockchain, enabling users to interact with Ethereum's decentralized apps (DApps) directly from the browser.
To add USDT to MetaMask, users need to acquire the contract address for USDT, then manually add it to MetaMask's token list by entering the contract address and other necessary details. Once done, MetaMask will be able to store and manage Tether. This process can be simplified by using an application like CoinGecko that automates this by providing verified addresses.
How to add USDT to MetaMask
As stated above, the easiest and fastest way to add Tether (USDT) to MetaMask is by using CoinGecko. It automates this process by giving users direct access to all of the available USDT contract addresses, all of which are verified.
Australian investors can follow this step-by-step guide to add USDT to MetaMask:
- Visit CoinGecko and find USDT.
- Tap ‘Info’ and then click the ‘Contract’ button.
- Find the chain you want to add Tether to on your MetaMask wallet.
- Click the MetaMask icon and USDT will be automatically added.
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About Tether (USDT)
Tether (USDT) is a type of cryptocurrency known as a stablecoin, designed to maintain a constant value by being pegged to a reserve of real-world assets, primarily U.S. dollars. It was launched in 2014 by Tether Ltd, an organisation initially based in Hong Kong and associated with the cryptocurrency exchange Bitfinex. Tether's main purpose is to provide liquidity and a stable store of value within the often volatile cryptocurrency markets.
Its value is supposed to always be equivalent to $1 USD, though controversies have arisen regarding the accuracy of this pegging due to concerns about the transparency and verifiability of Tether's reserves. Tether remains one of the most widely traded and utilised cryptocurrencies, serving as a significant bridge between the fiat and crypto worlds.
Conclusion
To conclude, MetaMask's support for Ethereum-based ERC20 tokens such as Tether (USDT) allows users to store and manage this popular stablecoin directly from their web browser. The process of adding USDT to MetaMask, while manual, can be greatly simplified by using trusted applications like CoinGecko, which offers direct access to verified USDT contract addresses across multiple networks.
