How to Convert USDT to GBP on Binance

Share Post:

Cryptocurrency is making a huge splash in the currency world. With features like decentralisation and anonymity, consumers are taking up cryptocurrency in droves. So much so that businesses have started taking crypto as payment. One of the currencies on the market is USDT, and although it is not as popular as other currencies like Bitcoin, it does have unique features and benefits that make it attractive to the masses.

What is USDT?

USDT or Tether is the largest Stablecoin. Crypto traders use stablecoins like Tether to make transfers between cryptos or move their investments into or out of fiat currencies.

The value of USDT is pegged to the US dollar, which means that Tether remains unaffected by the volatility that drastically affects other cryptos like Bitcoin.

The purpose of Tether is to provide a stable price point at all times and is considered the internet’s Digital Dollar.

The coin is heavily used by millions of blockchain users each day for trading, hedging and transacting on the various blockchain networks. With Tether, you don’t need a trusted third-party intermediary.

Tether has large reserves and doesn’t suffer from market risks like Black Swan Events. It enjoys the same luxuries as another cryptocurrency token on peer-to-peer trading and PoW or PoS security, making it attractive to hedge traders and users.

What is a Stablecoin?

Stablecoins are a token that provides a low-volatility digital asset that maintains a steady valuation. To keep the token steady, it is usually attached to the value of stable assets like Gold, the US dollar or other major fiat currencies. That means the stablecoins attempt to maintain the same value as the asset it is pegged to.

USDT is the largest Stablecoin currently. It accounts for 53% of the total Stablecoin market capitalisation.

The Stablecoin provides reliable liquidity to get in and out of cryptocurrency trades without facing unpredictable losses from volatile price changes. 

How Does USDT Work?

Each USDT issued is backed by one US dollar worth of assets. All the Tether issued was initially on the Bitcoin blockchain via the Omni Layer protocol. This has since changed. It can now be issued on any chain that Tether currently supports.

Once Tether has been issued, it can be used the same way as any other currency or token on the chain it has been issued on. Currently, Tether supper Bitcoin, EOS, Ethereum, Tron, OMG and Algorand blockchains.

How Can You Convert USDT to GBP on Binance?

Like other cryptos, when withdrawing to your bank account, you need to convert your Tether to GBP and then proceed to withdraw. Binance is the most common platform and one of the easiest to use when converting your USDT to GBP. The process you follow is relatively simple and straightforward.

Binance supports over 60 fiat currencies, including the largest ones in the world. This makes it possible for crypto traders and hedgers to withdraw their stablecoins like Tether in their preferred currency. In this case, the preferred currency is GBP.

Step 1 – Go to the “Fiat and Spot” page

Log in to your Binance account, head over to the wallet tab, and hover over it. A drop-down list will appear. Clear on the ‘Fiat and Spot’ tab.

You can also hover over the ‘Wallet’ link and click on ‘Overview’ instead of clicking on the ‘Fiat and Spot’ link.

This opens the overview page where you can view all your balances across the various Binance products, including futures, margin, and fiat and spot accounts. Click on the ‘Fiat and Spot’ option.

Step 2: Go to the crypto withdrawal page

Once you’re at the fiat withdrawal page after following the directions in Step 1, find the withdraw button. It’s just under the navigation bar.

You can also find the withdraw option by scrolling down the same page and clicking on the withdraw buttons aligned with the fiat currency you want to withdraw. This is a shorter route and is preferred. Find GBP and click on the withdraw button beside it.

Once you’re at the withdrawal page, you will go directly to the fiat withdrawal page. Next, click on the ‘Crypto’ tab to switch to the crypto withdrawal page.

Step 3: Select a coin and transfer the network

In this step, you will select the coin you want to withdraw, the withdrawal address and the transfer network. The coin, in this case, is USDT.

Transfer costs will vary between networks, and you’re free to use more than one transfer network. Add a new address in the recipient address field or choose one from the address book.

If you’re withdrawing to a new address, you can add it from the address management page by clicking the “Add Withdrawal Address Button.”

Finally, select USDT as the coin, fill in the wallet address below it, and select the correct transfer network.

You will need to select whether the wallet address is private or belongs to an exchange. If it belongs to the latter, choose the exchange you want to withdraw your assets.

Confirm everything is correct, then click save. Binance will prompt you to authorise the addition via 2FA.

You will return to the crypto withdrawal page to reselect the coin to withdraw, the amount and the newly added wallet address and transfer network.

Step 4: Confirm the Transaction

After confirming all the details, click on the submit button. You will be prompted to confirm the transaction and authorise it through 2FA.

Click submit, and you’re done. You will receive your funds as selected in the GBP since it was your preferred fiat currency.

That is how you convert USDT to GBP on Binance. After the conversion, the withdrawn amount in GBP remains in your Binance account. You must follow the fiat withdrawal process to withdraw the fiat currency into your bank account.

Rapid Setup, Web & Mobile Access, FX Exchange

Related Posts

CHAPS Vs BACS

by | Apr 13, 2024 | blog | 0 Comments

CHAPS and BACS are the UK's most commonly used payment systems for transferring large volumes of money. They are commonly used between businesses and are also commonly...

Best Business Current Account for a Construction Business

by | Apr 13, 2024 | blog | 0 Comments

Getting a current account for your construction business can be one of the most important things you do for your business. The nature of construction businesses, in...

Best Current Account for Vape Businesses

by | Apr 13, 2024 | blog | 0 Comments

Running a successful vape business requires a reliable current account to process payments. While many businesses are spoilt for choice in the type of current accounts...

Best Multi-Currency Account

by | Apr 13, 2024 | blog | 0 Comments

A multi-currency account can make it easier for businesses to pay for goods and services and receive payments from customers and clients from different regions. The...

Best International Bank Account

by | Feb 28, 2024 | blog | 0 Comments

International bank accounts are an asset not just to businesses with interests outside the UK but also to expats, travellers and even students. If you constantly move...

Best Business Bank Account for Startups

by | Feb 28, 2024 | blog | 0 Comments

Choosing the right business account and partner is one of the most important decisions a startup can make in its early business journey. With so many players in the...

What is an EMI?

by | Feb 28, 2024 | blog | 0 Comments

Electronic money institution, EMI, or e-money institution is a confusing term for many people partly because it is not mentioned in any regulation or legislation. If...

Best Prepaid Cards for Business

by | Feb 28, 2024 | blog | 0 Comments

Businesses must solve the challenge of fluid efficiency by allowing their employees to access cash for expenses while cutting back on wastage and unnecessary...

How Do Business Loans Work?

by | Feb 3, 2024 | blog | 0 Comments

Finances are the driving force behind every business. At some point, the business will need more money than it can generate to remain afloat, fund an aggressive...

Business Accounts
For the Digital Economy

Easily manage your everyday financial operations with your own business account. No branch visit needed. We execute both incoming and outgoing UK Faster Payments, BACS, Direct Debit and SEPA payments with all EU banks that support SEPA transfers

Discover

Sign Up