1. What is USDT？
Tether USD, also known as USDT, is a stable coin which is pegged to the USD currency launched by Tether Limited where 1 USDT= 1 USD.
Bybit supports direct deposit made from Bitcoin-based USDT (Omni USDT) and Ethereum based USDT (ERC20 USDT). You may wish to confirm the type of USDT by the address, where the Omni USDT address starts with 1 or 3, and the ERC20 USDT address starts with 0x.
As for withdrawal, due to security concerns, Bybit only supports the withdrawal of ERC20 USDT at the moment.
2. Bybit USDT wallet use
The Bybit USDT wallet's current main purpose is for traders to hedge asset risks. Traders can use the asset exchange function to convert cryptocurrency assets into USDT to avoid possible losses caused by price fluctuations. USDT currently cannot be used for trading or for profit and loss settlement in Bybit. The Subsequent Linear contracts to be launch by Bybit will use USDT to settle profit and loss.
3. How long will USDT deposit take?
The deposit time is generally about 10 minutes, and the ERC20 based Ethereum network will have a faster time. The actual deposit time is also affected by the miner fee you choose. The more miner fee paid, the faster the deposit time.