Rainbow Bridged USDT (Near)

Bridged Tether (Rainbow Bridge) (USDT.E): A Comprehensive Guide

What is USDT.E?

USDT.E, also known as Bridged Tether (Rainbow Bridge), is a version of Tether (USDT) that has been bridged to the NEAR Protocol ecosystem via the Rainbow Bridge. As a bridged asset, USDT.E maintains the same 1:1 USD peg as the original USDT, but exists on the NEAR blockchain, allowing users to leverage the speed, low fees, and functionality of the NEAR ecosystem while still utilizing the stability of Tether.

Essentially, USDT.E is the NEAR Protocol's version of the popular stablecoin USDT, enabling seamless cross-chain transfers between Ethereum and NEAR ecosystems through the Rainbow Bridge technology.

How Does USDT.E Work?

USDT.E operates through a bridging mechanism that locks the original USDT tokens on the Ethereum blockchain and mints equivalent USDT.E tokens on the NEAR Protocol. Here's how the process works:

1. Users deposit regular USDT into the Rainbow Bridge contract on Ethereum