How to send usdt from trust wallet to another wallet

At a Glance: To withdraw from Trust Waller, first, swap your crypto assets to a popular cryptocurrency like Bitcoin or ETH. Then, send the Bitcoin or Ether to Binance, a popular exchange that allows you to cash out your cryptocurrencies.

So, you’ve chosen to store your crypto assets in Trust Wallet. Maybe you like how easy it is to buy crypto on Trust Wallet, or maybe you like that you can earn interest by passively staking your assets. 

Perhaps you’ve made a profit with your crypto and now you want to withdraw your profit into your bank account. But Trust Wallet doesn’t allow you to sell your assets for fiat currency. What do you do now?

You’ll need to transfer your assets from Trust Wallet to another crypto exchange. Follow the five steps below to learn how to withdraw money from Trust Wallet.

What Is Trust Wallet?

Trust Wallet is cryptocurrency software wallet software. There are many cryptocurrencies available today, and Trust Wallet supports a large number of them. It allows you to purchase, sell, and swap different coins, blockchains, and other digital assets, delivering full cryptocurrency management functionalities.

Trust Wallet helps your coins work for you by staking your assets with a flexible interest rate. The program provides you with a validated proof-of-stake certification so you can collect interest on your crypto assets. This automated feature means your cryptocurrencies will continue to earn you money on their own.

A lot of cryptocurrency exchanges make it somewhat challenging to purchase cryptocurrency. Trust Wallet, on the other hand, allows you to easily buy crypto with your credit card so you can quickly begin to trade.

Many people believe hardware wallets are the safest option, but Trust Wallet prides itself on its secure access. The program provides you with a secure access key, ensuring you’re the only person that can gain access to your sensitive financial assets.

Trust Wallet even helps you find other businesses and vendors that accept cryptocurrency for their goods and services.

This product is open-source and available completely free of charge with no transaction fees.

How to Withdraw Money from Trust Wallet

To withdraw money from Trust Wallet to your bank account, you first need to swap the token for Bitcoin or Ethereum. Then, you must send the Bitcoin or Ethereum to a popular exchange that allows you to cash out your cryptocurrencies. You can do this by selling your cryptocurrencies for fiat currencies such as USD, AUD, GBP, etc. Once you have sold your cryptocurrencies, you can withdraw the fiat currency from the crypto exchange to your bank account.

Here are 5 easy steps for how to withdraw money from Trust Wallet in more detail.

Step 1

The first step is to swap your crypto assets to a popular cryptocurrency like Bitcoin or Ethereum in your Trust Wallet account. You can do this by converting all your tokens or coins into Smart Chain on Trust Wallet.

Step 2

The next step is to create an account on a popular cryptocurrency exchange like Binance. You can pick any crypto exchange that allows you to sell crypto for fiat currency. Binance is often highly recommended because it supports over 60 fiat currencies and allows you to use credit cards, debit cards, bank transfers, and cash balances.

After you’ve created an account and logged into it, you’ll find yourself on the dashboard. Click on “Wallet” followed by “Fiat and Spot” on the top navigation bar to go to your “Fiat and Spot” wallet. 

Next, find the cryptocurrency that you want to cash out from Trust Wallet (for example Bitcoin) and click on “Deposit”. For example, if you have Ethereum on Trust Wallet and you want to cash it out, navigate to “Ethereum” and click on “Deposit”.

To cash out your cryptocurrency on Trust Wallet, you must send it to Binance to sell it. To do this, you need to copy your cryptocurrency’s address (e.g. Ethereum) on Binance.

Step 3

Now that you have the Binance address you want to send your cryptocurrency to,  open the Trust Wallet app. Navigate to the Smart Chain page. 

After you’ve tapped on the cryptocurrency that you want to cash out (e.g. Ethereum), you’ll land on your Ethereum wallet. On your Ethereum wallet, you’ll see multiple icons including “Send”, “Receive”, “Copy”, and “More”.

Since you can’t sell your Ethereum on Trust Wallet, you need to send it to Binance. Tap on “Send” to send your Ethereum to Binance. Then, paste your Ethereum address from Binance on the “Recipient Address” field. You can find this address by following Step 2.

Next, enter the amount of Ethereum you want to send to Binance in the “Ethereum Amount” field. The value of the Ethereum that you’re sending will be displayed under the field. After you’ve tapped on “Next”, you’ll land on the confirmation page where you need to confirm the withdrawal.

The withdrawal process will take about 30 to 60 minutes.

Step 4

After you’ve sent the cryptocurrency you want to cash out from Trust Wallet to Binance, you can sell it for fiat currency on Binance.

Navigate to the “Buy and Sell Cryptocurrency” page on Binance. On the “I want to sell” field, select the cryptocurrency you want to sell (e.g. Ethereum). Then, enter the amount of Ethereum you want to sell.

Next, select the fiat currency you want to receive on the “You will receive” field (e.g., USD, EUR). Tap “Next” to go to the confirmation page.

Step 5

Now that you’ve sold a cryptocurrency to a fiat currency (e.g. USD), you can withdraw the fiat currency or money to your bank.

On Binance, click on “Wallet” followed by “Fiat and Spot” on the top navigation bar. On your Fiat and Spot wallet, click on “Withdraw” at the top of the page. Then, click on the “Withdraw Fiat” button.

On the fiat withdrawal page, you need to select a currency and payment method. On the “Currency” field, select the currency that you want to withdraw to your bank account (e.g. USD). The recommended payment methods are “Bank Transfer (SEPA)”, “Bank Card (Visa)” or “Silvergate Bank (SWIFT)”.

In the “Amount” field, enter the amount of money you want to send to your bank account. Select the bank account you want to send the money to on the “Withdraw To” field and click on “Continue”.

After you’ve clicked on “Continue”, complete the security verification and the money will be sent to your bank account.

You’ll usually receive the money within 30 to 60 minutes.

When you withdraw through Binance Fiat Exchange you will be charged withdrawal fees. If you don’t want to pay fees, you will need to look for a Peer-to-Peer (P2P) option so you can exchange your crypto for cash from another user. 

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Conclusion

Now you understand how to withdraw money from Trust Wallet. You first need to swap the token for Bitcoin or Ethereum on Trust Wallet. Then, you must send the Bitcoin or Ethereum to a popular exchange that allows you to cash out your cryptocurrencies. 

Once you have sold your cryptocurrencies, you can withdraw the fiat currency from the crypto exchange to your bank account. It’s as simple as that!

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A Beginner’s Guide to Stablecoins...

Alex Lielacher

Published on 30 Jul 2021

Stablecoins have experienced explosive growth in the last 18 months, totaling over $100 billion in market value.

In this guide, you will learn what stablecoins are, how they work, and what role they play in the crypto ecosystem. Additionally, you will discover a list of stablecoins that crypto users love.

What Are Stablecoins?

As the name suggests, stablecoins are cryptocurrencies with a stable price. Stablecoins typically achieve price stability by being backed by reserve assets, typically a fiat currency or a commodity.

The majority of leading stablecoins are backed by US dollar reserves to enable a 1:1 price parity with the US dollar.

Stablecoins have gained in popularity because they combine the trust and stability of fiat currencies, such as the US dollar, with the openness, programmability, and accessibility of cryptocurrency.

Types of Stablecoins

Not all stablecoins are created equal. While the majority of leading stablecoins are backed by US dollars held in regulated bank accounts, there are also stablecoins with other stabilization mechanisms.

  • Fiat-backed: these stablecoins are backed by fiat currencies, like the US dollars and other government-issued currencies. They hold their value almost exactly 1:1 to the reserve fiat currency. Examples of these are USDC, USDT, and BUSD.

  • Crypto-backed: these stablecoins are backed by other cryptocurrencies. They typically function like a fiat-backed stablecoin, except the reserve to guarantee the stability of these tokens is in cryptocurrency. Examples of a crypto collateral-backed stablecoin would be MakerDAO’s DAI.

  • Commodity-backed: these stablecoins use physical assets like gold and other precious metals as a reserve as opposed to fiat or crypto. The most popular commodity used is gold. Examples of commodity-backed stablecoins are Tether Gold (XAUT) and Paxos Gold (PAXG).

  • Algorithmic stablecoins: these stablecoins use an algorithm to keep the stability of the token. Simply, the code controls the demand and supply of the token to stabilize the token price.

The Role of Stablecoins in the Crypto Markets

The price stability that stablecoins bring to the table provides these digital currencies with a broad array of use cases. The most prominent stablecoin use cases include:

  • Traders can easily move in and out of risky crypto-assets on exchanges.

  • Stablecoins are now the most used for price quotations on crypto exchanges and in the OTC markets. Trading volumes on USDT/BTC are now bigger than USD/BTC, for example.

  • Investors use stablecoins as an on-ramp to DeFi.

  • Web 3.0 users use stablecoins as a transactional currency in DApps and on NFT marketplaces.

  • Individuals and businesses in unstable economies use stablecoins as a store of value.

  • Businesses and individuals use stablecoins for cross-border payments.

  • Crypto borrowers typically use stablecoins as collateral on DeFi lending platforms.

List of Best Stablecoins

The four leading stablecoins by market capitalization are Tether USD (USDT), USD Coin (USDC), Binance USD (BUSD), and Dai (DAI).

Let’s look at each of these in detail to help you understand the differences and similarities.

USDT

Tether USD (USDT) was the world’s first stable digital currency pegged to the value of the US dollar price when it launched in 2014. USDT tokens are backed by US dollars reserved held in bank accounts by Tether Limited.

It’s currently the largest stablecoin and accounts for a significant portion of the trading volume in cryptocurrency markets. Operating as a multi-chain stablecoins, USDT has a market capitalization of $60+ billion.

How Does USDT Work?

USDT is a digital currency that is able to retain its value because it’s backed by US dollar reserves managed by Tether. USDT is primarily used to trade against other cryptocurrencies, like BTC and ETH, and as a popular asset in the decentralized trading and lending markets.

Tether USD is available on popular cryptocurrency exchanges, including Binance, BitFinex, Coinbase, and Kraken. You can also get your hands on USDT by converting another cryptocurrency, like ETH, into USDT directly in your Trust Wallet.

USDC

USD Coin is the fastest growing fully reserve stablecoin backed 1:1 with US dollars reserve. The stablecoin was launched in September 2018 by a partnership between Circle and Coinbase to provide a US dollar-backed stablecoin with a high level of trust and transparency, thanks to its monthly reserve attestations by a leading auditing firm.

How Does USD Coin (USDC) Work?

USD Coin (USDC) functions as a blockchain-based token (such as an ERC-20 token on Ethereum) that can be used on a number of blockchains in addition to Ethereum, including Algorand, Stellar, Solana, and Tron.

USDC can be used for cross-border payments, trading against other cryptocurrencies, and stored to earn a yield or borrow in the DeFi markets.

BUSD

Binance USD (BUSD) is a digitized dollar launched in 2019 by Binance and Paxos. BUSD is backed 1:1 with US dollars. Paxos and BUSD are regulated by the New York State Department of Financial Services to protect users.

BUSD can be held as a hedge against crypto volatility and fiat currency devaluations. It can also be traded and used in the DeFi markets for borrowing or lending.

How Does BUSD Work?

BUSD is 100% backed by US dollars held in FDIC-insured banks, and monthly audits are done to verify the reserves. The token is available is issued as Ethereum (ERC-20), Binance Chain (BEP-2), and Binance Smart Chain (BEP-20) tokens.

DAI

Dai (DAI) is the market-leading popular crypto-backed stablecoin that aims to keep a 1:1 price-peg with the US dollar. Dai is an ERC-20 token on the Ethereum blockchain, issued and managed by MakerDAO, a decentralized autonomous organization.

Unlike the other stablecoins mentioned in this article, Dai doesn’t have US dollars held in bank accounts. Instead, it uses a smart contract to manage the supply of the token. For each minted DAI token, cryptocurrencies are deposited into its smart contract vaults.

One of the main features of DAI is that it isn’t operated by a group of co-founders. Rather, the software that manages the money supply is governed by the MakerDAO and Maker Protocol, which is made up of different individuals that run in a decentralized manner via the use of smart contracts. However, the MakerDAO was started by a Danish entrepreneur Rune Christensen in 2015.

How Does DAI Work?

DAI is a digital dollar on the Ethereum blockchain, controlled by code. The holders of Maker (MKR) vote on key decisions about the development of the stablecoin and the protocol that issues it, Maker Protocol.

To mint DAI, you have to lock up cryptocurrency in a smart contract vault. The code is able to keep a soft-peg of 1:1 ratio to the dollar by burning DAI when cryptocurrency is withdrawn from the vault and issuing new tokens when cryptocurrencies are added to its vault. Alternatively, you can swap any ERC20 token, like ETH, into DAI in your Trust Wallet app.

The key advantage of DAI is that it is not managed by a private company that manages reserves. The issuance and burning of tokens are publicly recorded on the Ethereum blockchain, making it more transparent.

Securely Store and Deploy Stablecoins in Trust Wallet

Trust Wallet is the leading multi-asset mobile wallet that allows you to store 160,000+ digital assets, including all leading stablecoins across all major blockchains they support.

What’s more, using the Trust Wallet DApp Browser, you can seamlessly deploy stablecoins in DeFi protocols or decentralized applications (DApps) with the click of a button on your smartphone.

To start using stablecoins, download Trust Wallet today.

Written by Jane