Gate Announcement on Changes to USD Stable Coin Deposits & Withdrawals-Each Restores Its Unique Symbol

Due to volatility in exchange between various USD stable coins, Gate is going to cease to support crediting or debiting various USD stable coins using the same symbol of USD after July 3,2023 UTC. Each stable coin will be treated separately as a unique asset using its unique symbol.

Below are more details:

1. Gate will continue supporting deposits, withdrawals and trading for stable coins.

2. Each USD stable coin will be treated separately using its unique symbol. When depositing or withdrawing a stable coin, it will be credited or debited to its unique symbol, instead of the USD symbol. For example, if a TUSD transaction is sent to your Gate account, it will be credited to you as TUSD instead of USD.

3. On Monday, July 3, 2023, Gate will replace USD spot and spot margin trading markets with USDC markets. All USD spot trading pairs will be replaced by USDC trading pairs. Furthermore, Gate will open trading markets for TUSD, USDP and more gradually to add support for more stable coin markets.

4. On Monday, July 3, 2023, Gate will convert USD to USDC assets for all Gate users; USD in lending or earning products will also be converted. If you prefer to convert USD balance to another stable coin, you may withdraw USD as your preferred stable coin beforehand and deposit it back to keep the preferred coin. For example, if you prefer to have TUSD, you can withdraw USD balance as TUSD and deposit it to your Gate account on TUSD deposit page. Your TUSD balance will be kept untouched during the USD to USDC convert. If you prefer to keep other coins, the same works.

Thank you all for your continued support.
Should you have any questions, don’t hesitate to contact our 24/7 customer support.

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Gate Team
June 26, 2023