How to transfer stablecoin from MetaMask to Binance
3 - 4 minutes
Once you have converted your crypto assets into stablecoin, it is now ready to be sold for fiat currency or cash. To do that, you need to transfer those stablecoins to Binance. You may follow this simple guide.
Topics to read before diving into this tutorial:
In this tutorial, you will learn:
How to transfer stablecoin from MetaMask to Binance
Fiat currency is a government-issued currency whose value is controlled or regulated by a central government. Simply put, it’s what we use to purchase things and transact in real life, like the US Dollar (USD) and the Philippine Peso (PHP).
A stablecoin is a type of cryptocurrency whose value is tied to an outside asset such as fiat currency (e.g. USDC is tied to the United States Dollar) or gold (e.g. PAXG is tied to the price of gold). This type of currency was designed to reduce price volatility, making it a good currency for exchanging cryptocurrency into fiat currency or cash.
Whenever you want to cash out your in-game earnings or tokens, you need to convert those into a stablecoin through a Decentralized Exchange or DEX (e.g. PancakeSwap), then transfer those stablecoins into a Centralized Exchange or CEX (e.g. Binance) which will allow you to convert those into cash. The most popular stablecoins used when cashing out tokens are the Binance USD (BUSD), USD Tether (UDST), and USD Coin (USDC).
Here are the steps to transferring your stablecoin to Binance.
Step 1 - Add stablecoins into your MetaMask Wallet#Copy URL to this article section
You will need to add your stablecoins in your MetaMask account by their contract address (i.e. the address where the smart contract that manages the token is stored) for them to be visible. Note that a token’s contract address varies for each network. You may look this up on each stablecoin’s official site.
For example, the contract addresses for USDT Stablecoin are:
ETH Network: 0xdac17f958d2ee523a2206206994597c13d831ec7
Polygon Network: 0xc2132d05d31c914a87c6611c10748aeb04b58e8f
Binance Smart Chain Network: 0x55d398326f99059ff775485246999027b3197955
Avalanche Network: 0xc7198437980c041c805a1edcba50c1ce5db95118
To add these stablecoins to their respective networks on your MetaMask wallet, go to the MetaMask homepage and select “import tokens”.
Tap "Import Tokens" on homepage
Encode the contact address of the stablecoin you want to add. Since MetaMask interacts with the Ethereum blockchain, use the USDT code for ETH Network (as shown below). Then, click "Next".
After that, click "Import Tokens" again.
Encoding USDT address for ETH Network
Importing the token
Your USDT stablecoin should now be displayed, as shown below.
Homepage displaying USDT
Step 2 - Get your Binance wallet address#Copy URL to this article section
In your Binance account, go to "Wallet" then proceed to "Fiat and Spot".
Accessing your Binance's Fiat and Spot through the website
Search for "USDT", then Click “Deposit”.
Type "USDT" on the search box
Select the network for your MetaMask account. Remember to ensure you are choosing the correct MetaMask network. For Ethereum, select "ETH Ethereum (ERC20)".
Then, secure a copy of your address.
Click on the overlapping squares to copy your address
Step 3 - Send your stablecoin from MetaMask to Binance#Copy URL to this article section
On MetaMask, choose the stablecoin you want to send and click "Send".
Click USDT on your homepage, then Send
Paste your Binance address, specify the amount you want to send, then click "Next".
Take note that this process requires a gas fee in the form of ETH, BNB MATIC, or AVA.
Encode your Binance address and specify the amount
The details of your transaction as well as the total amount (including the gas fee for this exchange) will be displayed so you can verify. If you need to correct anything, you may click "Reject".
To proceed, click "Confirm".
Checking the summary of your transaction
The changes should reflect instantly on both accounts.
Deducted amount reflecting on MetaMask right after the transaction
Congratulations! You have successfully transferred your stablecoin to your Binance account.
To convert your stablecoin to fiat currency directly to your bank account, learn how to cash out through Binance here.