How To Send USDT To Solana Wallet[Phantom]
Have you ever sent your USDT(or any other crypto) to the wrong address and lost it in the blockchain universe? Don’t worry, you’re not alone. This guide will help you master USDT transfers to Solana and ensure your digital assets reach their intended destination without any difficulties.
USDT is a popular stablecoin that works across multiple blockchains such as Ethereum, Solana, and Polygon. However, this interoperability comes with its own set of risks. Sending USDT to the wrong blockchain network address is like beaming your spaceship into a black hole — it disappears without a trace.
This guide is your ultimate compass to help you withdraw or transfer USDT on the Solana network. By continuing to read this guide you’ll learn the following on how to transfer USDT to Solana:
- Send USDT To Solana wallet using Binance or Kucoin
- How to install Phantom Wallet(Solana)
How To Send USDT To Solana Wallet: Summary
In short, below are the necessary steps to get this stablecoin from a crypto exchange by using Phantom Wallet. Additionally, I assume you already have a Binance account and are using a mobile device. Overall, you have to do the following:
- Login on your Binance App
- Install Phantom Wallet on your device
- Create a new wallet and write down the recovery phrase(key)
- Copy SOL address in Phantom wallet(clipboard)
- Withdraw USDT from Binance by using Solana(SOL address!!) to Phantom Wallet
The steps above are a quick take of the steps you have to follow. Later on in this guide, I’ll go into more detail by including screenshots. Remember that US and EU residents can’t use Binance. As a result, I’ll also explain how to do the USDT withdrawals on the Kucoin exchange.
Why use Phantom
First, to be able to use the Solana blockchain network you need a Web3 wallet like Phantom. In short, Phantom is a next-generation crypto wallet designed specifically for the Solana blockchain. It’s more than just a storage solution for your digital assets; it’s a gateway to the exciting world of DeFi (decentralized finance) and NFTs (non-fungible tokens).
How to Setup Phantom Wallet
Visit https://phantom.app/download and select your browser type. Follow the steps in your respective extension store to add Phantom to your browser. After installing, you should see Phantom Startup in a new tab. Setting up a new wallet goes as follows:
- Create ‘New Wallet‘ and ‘Create a password‘
- Write down or store the seed phrase
- Finish the setup and start Phantom from within the browser
Finally, if you are using Chrome, it will be on the top right-hand side of your browser. If you don’t see it look for a “puzzle piece” icon and click on it to access a list of installed extensions.
At this point, you are all set and can start using the Phantom wallet on Solana.
Withdraw USDT from Binance To Phantom Wallet
To send USDT to Solana wallet, the centralized Binance exchange is a very cheap way to use this blockchain network. Besides, it must be clear that you need some USDT funds available in your exchange wallet. If you don’t have USDT funds yet, buy some at the exchange or deposit USDT to the exchange.
Additionally, it is important to know that the Solana network only uses SOL adressess to exchange between wallets. In other words, you don’t need to use an USDT specific address for Solana to be able to transfer USDT.
You just give Binance the SOL address and Solana will handle the matching token contract address(USDT) for you.
Below are the steps you must follow:
- Make sure you are logged in at your Binance account
- Open Phantom Wallet App
- Click on Solana network
- Next click on Receive button
- A big QR code appears with underneath the SOL address
- Copy SOL address to clipboard
- Click the Close button below
- Now switch and login to the Binance App
- Find your USDT funds(Crypto account) and click ‘Withdraw’
- Paste your SOL address from clipboard in Address field
- Make sure to choose the Solana network here
- Finally, enter the amount of USDT and click Withdraw
To finalize the transaction you have to do one extra step where a PIN code will be sent to your e-mail address. Use this code sent to your e-mail to finalize the withdrawal. The entire withdrawal on the Solana network should last a few seconds to minutes. Additionally, Binance will send a notification when the withdrawal has been processed.
Finally, at this point, you are all set to use USDT tokens on Solana and you can switch back to the Phantom wallet app.
👉Open a free account on Binance
(❗Crypto exchanges like Binance are legally treated as banks. Meaning, creating an account here requires you to upload documents(KYC))
How To Transfer USDT From Kucoin To Phantom Wallet
The Kucoin exchange is also a very commonly used platform for many mainstream crypto users all over the globe. The main reason I also added this exchange in this guide is that Binance cannot by used by US residents and many residents in the EURO area.
To send USDT to Solana wallet you can also use the Kucoin exchange to send assets using the Solana network. In short, the process for transferring USDT from Kucoin to Solana:
- Make sure you are logged in at your Kucoin account
- Repeat steps 2 to 7 from the Binance example above
- Now switch and login to the Kucoin App
- Find your USDT funds(Funding account) and click ‘Withdrawal’
- Choose the Send via Crypto Network option
- Paste your SOL address from clipboard in Address field
- Make sure to choose the Solana network here
- Finally, enter the amount of USDT and click Withdraw
To complete the transaction, you need to take an additional step. Usually, a PIN will be sent to your email address. Please use this code to finalize the withdrawal. The entire withdrawal process on the Solana network should take some seconds to a few minutes. Additionally, Kucoin will notify you when the withdrawal has been processed. Once this is done, you are all set to use USDT tokens on Solana. You can then switch back to the Phantom Wallet app.
👉Open a free account on Kucoin
(❗Crypto exchanges like Kucoin are legally treated as banks. Meaning, creating an account here requires you to upload documents(KYC))
Conclusion: Does USDT run on Solana?
Overall, it’s certainly possible to do USDT transfers using the Solana network. However, it is important to select SOL as the receiving address from your Phantom wallet. The Solana blockchain will handle the matching to the USDT contract automatically. The USDT token will then just pop-up in your Phantom wallet when funds arrive.
Consequently, Phantom Wallet is a popular option for crypto traders that are wanting to access the DeFi space. In this guide, I have explained to you the steps you have to take to send USDT to Solana by using Binance or Kucoin.
Finally, to be able to do transactions on the Solana blockchain(send or swap USDT) you need some SOL to pay for gas fees. This means, besides depositing USDT you also should send a small amount of SOL tokens to Phantom wallet.
Additionally, with funds available on Phantom Wallet you can access any DeFi platform. You simply have to connect your wallet to the decentralized application(dAPP) of your choice that runs on Solana.
Related: 5 Best Places to Swap USDT for Bitcoin
FAQ
Can I Withdraw From Kucoin To Phantom Wallet?
Users can now transfer crypto assets from their Kucoin Crypto Wallet to their Phantom Wallet app without any fees except for the gas fees, or needing to scan/input a wallet address.
How Long Does It Take To Send USDT to Solana?
In this guide, I explained the withdrawal process between Binance and Trust Wallet. Withdrawing USDT to Phantom Wallet (Solana) usually takes a few minutes and Kucoin will notify you when the transaction has been processed.
