Am researching how tether works.
On tether's site it doesn't list binance chain as supported. Nor does it list any usdt on tether. However I see usdt on binance chain.
What am I missing?
updates, thanks for giving me some info on things to look into here is what my understanding at this time which may or may not be correct is:
USDT on binance isn't really USDT. The name of the coin implies it is pegged, not wrapped: Binance-Peg BSC-USD (BSC-USD). This is very confusing as many exchanges list it as USDT..
https://www.bscscan.com/token/0x55d398326f99059ff775485246999027b3197955?a=0x55d398326f99059ff775485246999027b3197955 at the time of writing this it shows total supply of 4,979,997,922.
I have contacted support to ask where they keep the reserve or if that information is public. I am assuming it is. As far as I can tell binance offers this bridge product https://www.binance.com/en/blog/ecosystem/introducing-binance-bridge-20-421499824684903626
When searching around for their reserve wallet I did find: https://bitinfocharts.com/bitcoin/wallet/Binance-BTCB-Reserve but this is for their BTCB.
Which shows they have 10k more btc in reserve then issued on bsc as btcb.
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