Global cryptocurrency exchange Upbit 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 be activated within three hours after the announcement, while trading support will start between 17:00 and 18:00 local time on the same day.
Significant Development for USDT
According to Upbit’s announcement, Tether will be available on the Tron and Ethereum networks. Users must verify the network before making any transactions. Transactions made through unsupported networks can lead to lengthy refund processes. Therefore, users should carefully follow deposit instructions and use only verified wallet addresses.
Certain restrictions will be applied to ensure a smooth trading experience. Immediately after trading is enabled, a five-minute restriction will be imposed on buy orders. Additionally, sell orders priced 10% or lower than the previous day’s closing price will also be restricted for five minutes. Market and pending orders will be subject to these restrictions for about an hour after trading support becomes active. Upbit set USDT’s previous day’s closing price at 1,387 KRW and 0.00001411 BTC.
Upbit’s Warnings
Tether (USDT) is a stablecoin backed by fiat currency reserves and maintains a 1:1 value peg to fiat currency. Users can request USDT by transferring fiat currency to the issuer, and the value is guaranteed by Tether’s reserves.
Upbit reminded investors to be aware of the risks associated with cryptocurrency investments. Prices can fluctuate rapidly due to speculative demand and changes in regulatory environments, so Upbit emphasized the importance of thorough research and careful consideration before investing. Investors are responsible for their own decisions and potential losses.
Upbit aims to provide a stable trading environment by implementing measures such as limiting the minimum order amount.
