What is Chain-key USDT?

ckUSDT is a digital version of USDT operating on the Internet Computer Protocol network. It is fully backed 1:1 by USDT and utilizes Chain-key technology for cross-chain interoperability, eliminating the need for centralized intermediaries. The project includes canister smart contracts that communicate with the Ethereum network through HTTPS outcalls and chain-key ECDSA signatures, facilitating the signing of transactions.

The integration framework involves the ckETH minter and ckUSDT ledger contracts, enabling efficient USDT transactions between users and smart contracts, characterized by low transaction fees and no gas fees. ckUSDT supports ICRC-1 and ICRC-2 ledger interfaces, which are the fungible token standards for the Internet Computer, ensuring compatibility with various wallets on the network.