What is jUSDT
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- Created: Tuesday, 20 February 2024 00:23
With cryptocurrency, or more precisely, with the USDT token, everyone interested in cryptocurrency is familiar. In short, USDT is a stablecoin pegged to 1 US dollar and issued by the company Tether in the form of a token on various blockchains (Ethereum, Tron, Solana, Omni, Avalanche, EOS) that support ERC-20 smart contracts. In the cryptocurrency blockchain TONcoin, there is also the USDT stablecoin, but since the company Tether has never issued USDT tokens for the TON blockchain due to it not directly supporting the ERC-20 standard or for other reasons, there exists its own token in the TON network, called jUSDT. It, in turn, is a Wrapped original USDT token from the Ethereum or BNB network.
To better understand what jUSDT is, first familiarize yourself with the term Wrapped token. You can do this on our website: What is a bridge and a wrapped token?
To create a Wrapped USDT token in the TON network, there is a special bridge bridge.ton.org through which anyone can send their USDT on the Ethereum or Binance Smart Chain to a special smart contract and receive jUSDT on their TON wallet. The exchange occurs bidirectionally with a fee of 1 TON, plus gas fees for transferring USDT to the smart contract address.
As a result, you receive the equivalent value in US dollars in the TON network for DEFI trading on exchanges such as Storm.tg, Dedust, or STON.fi.
The original USDT tokens sent to the smart contract are locked, thereby ensuring the value of jUSDT, equating the value of jUSD to USDT. Tether itself is responsible for USDT, ensuring its value always equals 1 US dollar.
Attention: There is no USDT in the TON blockchain as of the beginning of 2024. If you receive a USDT token, know that it is a scam and USDT tokens in the TON network are worthless. In the TON blockchain, tokens (jetton) can be created with duplicate names, meaning anyone can also create their own token and call it jUSDT or USDT. Technically, it will not differ from the real jUSDT, but it will have no value as such a token is created out of thin air and has no backing. Therefore, you must be extremely careful when dealing with stablecoins in the TON network.
The authenticity of a stablecoin or wrapped token in the TON network can only be verified by checking the contract address on the Tonscan.org website.
Contract addresses for issued token contracts for major tokens in the Ethereum network: [Contract Addresses].
jUSDT
https://tonscan.org/jetton/EQBynBO23ywHy_CgarY9NK9FTz0yDsG82PtcbSTQgGoXwiuA
jUSDC
https://tonscan.org/jetton/EQB-MPwrd1G6WKNkLz_VnV6WqBDd142KMQv-g1O-8QUA3728
jDAI
https://tonscan.org/jetton/EQDo_ZJyQ_YqBzBwbVpMmhbhIddKtRP99HugZJ14aFscxi7B
jWBTC
https://tonscan.org/jetton/EQDcBkGHmC4pTf34x3Gm05XvepO5w60DNxZ-XT4I6-UGG5L5