Crypto.com has enabled deposits and withdrawals of USDT and USDC via the Polkadot Asset Hub, it announced early Tuesday morning through the X social platform.
The Singapore-based exchange confirmed users can now transact stablecoins directly through Polkadot’s Asset Hub, the specialized parachain for transferring non-native tokens and creating NFTs using smart contracts.
According to Polkadot’s website insight, the Asset Hub is a Layer 1 bridge for non-native tokens and an experimental ground for decentralized asset management.
Crypto.com activates stablecoin Asset Hub transactions post-migration
The announcement comes exactly three weeks after Binance supported Polkadot and its sister network Kusama to migrate from Layer 0 metaprotocols to Asset Hubs. Developers of the protocols explained that the transition helps users manage their assets in the Polkadot ecosystem effectively by improving compatibility for token issuers and DeFi platforms.
In the Polkadot Asset Hub, assets are categorized as either “sufficient” or “non-sufficient” to determine if an account needs a native token balance to hold certain assets. A non-sufficient asset can only exist in an account that already has a minimum native balance, referred to as the Existential Deposit (ED).
The threshold for Polkadot is 0.01 DOT, while on the Kusama Asset Hub, it is 0.000003333 KSM, both ten times smaller than the EDs on their respective Relay Chains.
Sending a non-sufficient asset requires the recipient account to meet the ED requirement. On the other side, sufficient assets do not require the account to have any balance of the native token.
Polkadot has mentioned that the first sufficient assets available on its Asset Hub are USDC and USDT, identified by asset IDs 1337 and 1984, respectively. Other assets available include Ethereum (ETH), wrapped Ether (wETH), Kusama (KSM), alongside foreign assets transferred via cross-chain bridges Snowbridge and Polkadot <> Kusama bridge.
Asset Hub users are being asked to verify the authenticity of tokens before making any transactions, as anyone can create and name assets on the Asset Hub using similar names and try to defraud them.
Crypto.com integrates service in Brazilian retail trading platform
At the end of the previous business week, Crypto.com completed its integration with SpiderTrader, a Brazilian trading platform catering to thousands of active retail traders.
The integration has made SpiderTrader the exchange’s first fully integrated broker in Brazil, granting the latter company access to Crypto.com’s trading engine on the SpiderTrader interface.
“This partnership with SpiderTrader marks an important step in our strategy to collaborate with regionally trusted platforms. Brazil and the wider LATAM region are vibrant markets for crypto adoption, and this integration allows us to better serve local users through trusted partnerships,” Karl Turner, Director at Crypto.com Exchange, said in a recent press briefing.
Company activities continue in South Korea
In other related news covered by Cryptopolitan, Crypto.com announced a Memorandum of Understanding (MoU) with South Korean fintech company Travel Wallet.
Travel Wallet, founded in the year 2017, has garnered more than eight million users and provides multi-currency wallets and global payment cards services in over 40 fiat currencies.
Under the agreement, Travel Wallet will become Crypto.com’s preferred issuing partner in South Korea, which will see it launch a co-branded prepaid card for users to spend both fiat and crypto globally.
The companies will also collaborate on integrating Crypto.com’s “crypto-as-a-service” (CaaS) technology into the Travel Wallet app to trade and hold virtual assets directly within the platform.
Crypto.com also mentioned that the collaboration will jointly promote Travel Wallet’s KRW-denominated stablecoin in both ecosystems and improve cross-border payment efficiency through fast and low-cost transactions.
“Travel Wallet will build a unified payment ecosystem encompassing foreign currencies, cryptocurrencies, and stablecoins. This move is set to significantly elevate the global competitiveness of Korea’s fintech industry,” said CEO of Travel Wallet Kim Hyung-woo.
Still within the Asian jurisdiction, the crypto trading platform revealed it will participate in the upcoming APEC CEO Summit Korea 2025 as the event’s official partner.
The summit will take place in Gyeongju from October 28 to 31, where executives, policymakers, and KOLs will meet to discuss digital innovation, artificial intelligence, and economic trends.
Sign up to Bybit and start trading with $30,050 in welcome gifts
