USDT BEP20: How to Deposit, Transfer & Swap Tether on BSC?

Tether (USDT) is the most widely used and liquid stablecoin in the crypto market. As of 2024, Tether supports 12 different blockchains natively, including Ethereum, Tron, and Solana. 

USDT can be deposited, transferred, and swapped on the BNB Chain (BSC) as well. Tether on the BNB Chain is known as USDT BEP20. BEP20 is a token standard that expands on Ethereum’s ERC20, being more flexible in terms of token generation and cheaper to use due to lower gas fees.

In this article, we are going to show you how to deposit, transfer, and swap the BEP20 version of Tether using Binance and MetaMask.

How to deposit USDT (BEP20) on the BNB Chain

The easiest way to deposit USDT on the BNB Chain is to register an account on Binance if you don’t already have one and deposit Tether to the BNB Chain network. If you are sending your USDT from another network, the USDT you sent will be automatically converted to the BEP20 version of USDT.

Deposit USDT (BEP20) on Binance

Step 1: Head to the Binance homepage and deposit Tether

Click on the yellow “Deposit” button on the Binance homepage.

Step 2: Select the Deposit Crypto option

Proceed by selecting the “Deposit Crypto” option. This will allow you to transfer your existing digital assets to the blockchain network of your choice.

Step 3: Select BNB Chain as the destination network

Next, select the coin or token you wish to deposit and the network you wish to transfer it to. For the purposes of this guide, we are depositing Tether (USDT) to the BNB Chain (BSC). After selecting the coin and the network, copy the deposit address and use it to deposit your assets. After the deposit is complete, the funds will be accessible by using any crypto wallet that supports BSC or by accessing it via the Binance Spot Wallet. The minimum deposit amount is 0.01 USDT.

How to transfer USDT (BEP20) on the BNB Chain 

Now that you’ve successfully deposited Tether to the BNB Chain using Binance, you’ll have the option to transfer it to some other address. You can transfer it to some other BEP20 wallet address, or to Ethereum, or any other support network. 

Transfer USDT (BEP20) on Binance

Step 1: Open your Fiat and Spot wallet

On the Binance homepage, click on the “Wallet” drop-down menu and select “Fiat and Spot”.

Step 2: Search for USDT from the list of available cryptocurrencies

Next, find USDT and click on the three dots on the far right side of the scree. Click on “Withdraw” to continue.

Step 3: Enter the destination blockchain address and the transfer amount

Select USDT as the coin you’ll be transferring and enter the address you wish to transfer your USDT to. It can be on the BNB Chain Network, or any support blockchain. Enter the transfer (withdrawal) amount and click “Withdraw” to complete the transfer. Keep in mind that the transfer fee changes depending on the network you choose. The fee for transferring USDT on the BNB Chain is 0.33 USDT.

How to swap USDT (BEP20) on the BNB Chain

To swap USDT for some other cryptocurrency on the same chain, you can use Binance or any other crypto exchange that supports BEP20 addresses. You can also use a dedicated cryptocurrency wallet like MetaMask.

Step 1: Add BNB Chain to MetaMask

Open your MetaMask and add BNB Chain from the list of networks. For a more detailed description of the process, you can check out our How to add BNB Chain (BSC) to MetaMask? guide.

Step 2: Swap crypto

After selecting BSC as the default network, continue by clicking on the “Swap” button in your MetaMask wallet.

Step 3: Swap USDT (BEP20)

Select the coins or tokens you wish to swap. For the purposes of this guide, we’re swapping USDT to BNB. Keep in mind that the MetaMask and gas fees apply. Once you are happy with the provided quotes, click on “Swap” to complete the swap.

USDT (BEP20) FAQs

What is USDT BEP20?

USDT BEP20 is a token running on the BNB Chain network. Each USDT BEP20 token represents one USDT token, and can be redeemed for USDT at a 1:1 ratio through the Binance cryptocurrency exchange. It's important to understand that Tether, the issuer of USDT, does not officially issue USDT on the BNB Chain.

Can I transfer USDT through BEP20?

Yes, you can transfer USDT through BEP20. There are a couple of things you should be aware of when transferring USDT through BEP20:

• Make sure that you are using the correct network. If you send USDT to an ERC-20 address, the tokens will be lost.
• Make sure that you have enough BNB in your wallet to cover the transaction fees. The transaction fees on BSC are much lower than the fees on Ethereum, but you will still need to pay a small fee.
• Be patient. The transaction may take a few minutes to process.

What is the difference between USDT BEP20 and USDT ERC20?

There are two main differences between USDT BEP20 and USDT ERC20. The first important difference is that USDT BEP20 runs on the BNB Chain blockchain, and USDT ERC20 runs on the Ethereum blockchain. The second important difference is that USDT ERC20 is officially issued by Tether, while USDT BEP20 is issued by the Binance cryptocurrency exchange. Binance created USDT BEP20 so that users could transact with USDT on the BNB Chain, and users can redeem their USDT BEP20 for official USDT tokens via the Binance cryptocurrency exchange at a 1:1 ratio. 

How do I transfer USDT via BEP20?

To transfer USDT via BEP20, you will need to create a wallet that supports BEP20 tokens. Some popular options include MetaMask, Trust Wallet, and Binance Chain Wallet. Get the BEP20 USDT address of the wallet you want to transfer the tokens to. You can find this address by opening your wallet and clicking on the "Receive" button for USDT.

How to swap USDT BEP20 to ERC20?

To swap USDT BEP20 to USDT ERC20, you can use a centralized exchange (e.g., Binance), a decentralized exchange (e.g., PancakeSwap), or some other service that supports swapping cryptocurrencies between BSC and Ethereum.

How to create a USDT BEP20 wallet?

The easiest way to create a USDT BEP20 wallet is to set up a cryptocurrency wallet that supports the BSC network or open an account on a crypto exchange that supports BSC.

What is the USDT BEP20 contract address?

The contract address for USDT BEP20 is 0x55d398326f99059ff775485246999027b3197955. This address can be used to send and receive USDT BEP20 tokens.

Is BEP20 USDT safe?

BEP20 USDT is a safe option for short-term storage, but we don't recommend using it to store value over the long term. The reason for this is that the peg between BEP20 USDT and actual USDT depends on the Binance cryptocurrency exchange, which adds counterparty risk.

Even if you hold official USDT tokens issued by Tether, there is already counterparty risk, as you need to trust Tether to maintain the 1:1 peg between USDT and the US dollar. When you hold BEP20 USDT, another counterparty (Binance) is added to the equation, which increases the risk further, because you need to trust Tether to maintain USDT's peg and trust Binance that they will redeem BEP20 USDT for official USDT tokens. 

The bottom line: You can easily deposit, transfer, and swap Tether (USDT) on the BNB Chain (BEP20)

Using USDT of the BEP20 variety allows you to tap into Tether’s multi-billion liquidity on the BNB Chain. At the time of writing, there is $3.5 billion worth of Tether on the BNB Chain spread among more than 15,400 addresses. Transferring USDT to BSC can be especially useful for those who want to use USDT for various decentralized finance (DeFi) use cases, like decentralized exchanges (DEXs) and other trading protocols. If you are looking to explore the DeFi landscape using USDT, we suggest you use a standalone crypto software wallet like MetaMask or Trust Wallet, which allows you to connect to numerous services in the BNB Chain ecosystem.