Dear HashKey Exchange Clients,
HashKey Exchange is announcing a transition of its USDT assets and trading pairs to a unified multi-chain system. This strategic update, scheduled between 06:00 on October 25, 2025, to 14:00 on October 27, 2025 (UTC), aims to optimize the overall trading experience, enhance platform liquidity, and improve deposit and withdrawal efficiency. Specifically, the two separate assets, USDT and USDTTRC20, will be merged into a single, unified USDT asset. The existing USDT/USD and USDTTRC20/USD trading pairs will be consolidated into a single USDT/USD pair.
Key Adjustments
Item |
Before Adjustment |
After Adjustment |
|
Asset
|
Two Separate Assets:
|
A single unified asset: USDT (multi-chain). Balances will be mapped 1:1 to the unified multi-chain USDT. The unified USDT will then fully support deposits and withdrawals across both the ERC20 and TRC20 networks. |
Trading Pairs |
Two Separate Trading Pairs:
|
Consolidate into USDT/USD. The USDTTRC20/USD pair will be delisted.
|
Deposits and Withdrawals |
USDT and USDT-TRC20 balances each represent holdings on their respective networks (ERC20 and TRC20). |
Under USDT, select ERC20 or TRC20 network for deposits/withdrawals.
|
Timeline
Time (UTC) |
Key Actions |
Oct 25, 06:00 |
|
|
Oct 25, 08:00
|
Delist USDTTRC20/USD and disable OTC trading. All unfilled orders will be automatically canceled and funds will be credited back to client accounts. |
Oct 27, All Day |
Backend consolidation, snapshots, and migration. |
Estimated Oct 27, 14:00 |
Upgrade completes. Deposits/withdrawals of USDT under the TRC20 network resume under the unified multi-chain USDT. |
Important Notes:
- If you have open orders for the USDTTRC20/USD trading pair, please ensure you cancel them before October 25, 2025, at 16:00 (UTC+8). All unfilled orders will be automatically canceled and funds will be credited back to client accounts.
Should you have any questions, please contact our Customer Service: support@customer.hashkey.com
For API-related inquiries, please contact: api@hashkey.com
Thank you for your support!
Legal disclaimer: This material has been prepared for general informational purposes only and should NOT be: (1) considered an individualized recommendation or advice; or (2) relied upon for any investment activities. All information is provided on an as-is basis and is subject to change without notice. We make no representation or warranty of any kind, express or implied, regarding the accuracy, validity, reliability, availability, or completeness of any such information. HashKey Exchange does NOT provide investment, legal, or tax advice in any manner or form. The ownership of any investment decision(s) exclusively vests with you after analyzing all possible risk factors and by exercising your own independent discretion. HashKey Exchange shall not be liable for any consequences thereof.
Risk warning and disclosure: Buying, selling, and holding cryptocurrencies are activities that are subject to high market risk. The volatile and unpredictable nature of the price of cryptocurrencies may result in a significant loss. HashKey Exchange is not responsible for any loss that you may incur from price fluctuations when you buy, sell, or hold cryptocurrencies. This notice sets out the specific risk disclosures applicable to the USDT multi-chain arrangement described below and should be read together with the Risk Disclosure Statement, the applicable terms and conditions, and any other product- or service-specific disclosures issued by HashKey Exchange from time to time.
1. Issuer Risks
Reserve & Peg Risk: USDT is issued by Tether Limited, a single centralized entity. Its 1:1 USD peg is not algorithmically guaranteed and depends on Tether Limited’s reserve adequacy, redemption arrangements and market confidence. USDT may trade below or above its intended value, and clients may be exposed to loss arising from any actual or perceived deterioration in reserve sufficiency, redemption capacity or market confidence.
Asset Freezing: Tether Limited may freeze, blacklist, block or otherwise restrict USDT at any address on any supported blockchain network, including in response to legal, regulatory, compliance or law enforcement requirements. Such actions may affect a client’s ability to access, transfer, withdraw, convert or redeem USDT and cannot necessarily be avoided by switching from one blockchain network to another.
2. Blockchain Infrastructure Risks
Chain-Specific Technical Risks: Each blockchain network on which USDT is supported has different technical protocols, security models, validator or consensus mechanisms, smart contract dependencies, maturity levels and congestion profiles. A technical failure, exploit, outage, cyber incident or operational disruption affecting one blockchain network may delay, impair, suspend or prevent deposits, withdrawals, transfers, settlement or other transactions involving USDT on that network, and may not affect other supported networks in the same manner.
Finality & Confirmation Differences: Confirmation times, settlement finality, transaction fees and the risk of forks or chain reorganisations may vary significantly across blockchain networks. As a result, transactions involving USDT may be delayed, reversed, fail to settle as expected, or require different processing times and confirmation thresholds depending on the relevant network.
Chain Deprecation: Tether Limited may suspend, restrict, discontinue or cease support for USDT on certain blockchain networks. Where support for a blockchain network is withdrawn or reduced, clients holding USDT on that network may be required to transfer, convert or redeem their holdings within a prescribed period, and their ability to transfer, liquidate or otherwise deal with such USDT may be adversely affected.
3. Client Operational Risks
Incorrect Network Selection — Permanent Loss: Sending, depositing or withdrawing USDT through the wrong blockchain network, an unsupported network, or an incompatible protocol may result in delayed crediting, failed transfer, inability to recover the relevant assets, or permanent loss. You are solely responsible for verifying the correct blockchain network before initiating any transfer, deposit or withdrawal.
Address Format Confusion: Certain blockchain networks, including EVM-compatible networks, may use similar or identical wallet address formats. The use of a technically valid wallet address does not mean that the selected blockchain network is correct or supported, and this increases the risk of selecting the wrong network while using an apparently valid address.
4. Market & Liquidity Risks
Liquidity Fragmentation: USDT liquidity, transferability and withdrawal availability may vary across blockchain networks. During periods of market stress, technical disruption, network congestion or reduced market participation, a particular network may experience withdrawal delays, reduced liquidity, wider spreads, pricing dislocation or USDT trading at a discount to USD on that network.
5. Regulatory Risks
Regulatory and compliance actions in any jurisdiction, including sanctions, AML/CFT, transaction monitoring, source-of-funds review, travel rule compliance, wallet screening, or other legal or regulatory requirements, may affect the availability, transferability, liquidity, processing, withdrawal, conversion or value of USDT across one or more blockchain networks. Such actions may result in delayed processing, rejection, restriction, suspension or termination of transactions or services involving USDT on a particular network.
Please refer to our Risk Disclosure Statement for more information.
Hash Blockchain Limited
Hash Blockchain Limited is responsible for the issue of this material in Hong Kong. It is licensed by the Securities and Futures Commission for Types 1 and 7 regulated activities under the Securities and Futures Ordinance, and has obtained a license to operate a virtual asset trading platform under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO). HashKey Exchange does not service users from Mainland China, United States and certain other jurisdictions in compliance with laws and regulations. This material has not been reviewed by the Securities and Futures Commission of Hong Kong or any other regulator.
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