What network to use for USDT on Bybit?

Understanding USDT and Its Network Options

Tether (USDT) is one of the most widely used stablecoins in the cryptocurrency market, offering a 1:1 peg with the US dollar. However, USDT operates on multiple blockchain networks, and choosing the correct one is crucial for ensuring successful deposits and withdrawals. Bybit, a leading cryptocurrency exchange, supports USDT on several networks, including TRC20, ERC20, and OMNI. Each of these networks has its own characteristics, and using the wrong one can result in lost funds.

Supported USDT Networks on Bybit

Bybit allows users to deposit and withdraw USDT via TRC20 (Tron), ERC20 (Ethereum), and OMNI networks. Each network has distinct transaction speeds and fees.

• TRC20 (Tron): Offers faster transactions with lower fees compared to ERC20.
• ERC20 (Ethereum): Provides broader compatibility but may involve higher gas fees and slower confirmations.
• OMNI: The original network for USDT, but it is now largely outdated and rarely used due to slower confirmations and limited support.

It is essential to select the correct network when sending USDT to or from Bybit to avoid irreversible loss of funds.

How to Select the Correct Network on Bybit

When generating a deposit address for USDT on Bybit, users must choose the appropriate network.

• Log in to your Bybit account.
• Navigate to [Wallet] > [Deposit].
• Select USDT from the list of cryptocurrencies.
• You will be presented with a dropdown menu for network selection.
• Choose either TRC20 or ERC20 based on the network from which you are sending the USDT.

If you are transferring from another exchange or wallet, ensure the sending network matches the deposit network selected on Bybit. Mismatching networks may result in irreversible fund loss.

Steps to Withdraw USDT from Bybit

When withdrawing USDT from Bybit, follow these steps to ensure funds arrive safely:

• Go to [Wallet] > [Withdrawal].
• Select USDT and choose the network (TRC20 or ERC20) that your receiving wallet or exchange supports.
• Enter the wallet address carefully.
• Confirm the network fee and transaction fee before proceeding.
• Double-check the address and network before finalizing the transaction.

Using the correct network is critical, especially if you're sending to a wallet or platform that only supports one of the two networks.

Common Mistakes and How to Avoid Them

One of the most frequent errors users make is sending USDT via the OMNI network to Bybit. Since Bybit no longer supports OMNI for USDT deposits, doing so may result in permanent loss of funds.Another common mistake is using the ERC20 network to send funds to a TRC20-supported wallet, or vice versa. Always verify the supported network of your receiving wallet or exchange before initiating a transaction.To avoid issues, always copy and paste the deposit address and network directly from Bybit rather than typing manually.

FAQs

Q: Can I use the OMNI network to deposit USDT on Bybit?A: No, Bybit no longer supports USDT deposits via the OMNI network. Using OMNI may result in permanent fund loss.

Q: What happens if I send USDT using the wrong network?A: If the network does not match the one selected on Bybit, your funds may be lost permanently. Always confirm the network before sending.

Q: Is TRC20 USDT cheaper to send than ERC20?A: Yes, TRC20 typically has lower transaction fees and faster confirmation times compared to ERC20.

Q: How do I know which network my USDT is on?A: Check the transaction details on the sending platform or wallet. Most platforms clearly indicate the blockchain network used for the transaction.