We all saw how Bitcoin.com’s wallet expanded into additional features like portfolio breakdown and honest coin (USDH) swapping abilities in July.
Now, it is coming out with a new property – storing the SLP-based stable coin tether (USDT) in their wallets as well.
According to the site, the firm Tether Limited is making use of the platform Simple Ledger Protocol technology to issue over 6 million SLP-based USDT. The accounting is reaching 6,001,007 SLP-based tethers based on reports from Simpleledger.info,
How does this work?
Like the ability to hold any SLP token, the Bitcoin.com Wallet now allows users to store, send, and receive SLP-based tether (USDT).
A note to highlight, this is recorded on several different blockchains. In other USDT coins or ETH-based tethers, this will not be compatible with the Bitcoin.com Wallet software.
Bitcoin Cash (BCH), Bitcoin (BTC), and Honest Coins (USDH) are some of the existing coins that can be swapped using the software.
For exchanging with other SLP-based tethers, one can tap the “swap” button on the bottom of the wallet’s home screen and until it leads you to the in-app swapping window.
From here you can select which coin you want to trade, and the other day our newsdesk swapped $6 worth of BCH costing for six tethers. It gives a glimpse of a live exchange rate for BCH and the price per tether as well.
Chose BCH and USDTbutton and swap, which displays the wallet’s Simple Ledger Protocol address. The required minimum of bitcoin cash (BCH) is asked to complete a swap of around 0.003934997 BCH.
Once you determine the amount of tether, press “confirm and swap” to initiate the process.
Then after this, the software sends a notification on the transfer using Sideshift application. The invoice will also be sent.
After confirmation, the tokens are sent to the SLP-token address. From here, the USDT tokens will be accounted for in the portfolio balance section categorized as stablecoins, and lead to the total value of all the crypto assets held in the wallet.
Tether is the renowned stable coin in the crypto ecosystem to-date.