How To Manage USDT On Ledger With MyEtherWallet
How To Manage USDT On Ledger With MyEtherWallet
Tether USD (USDT) is an Ethereum-based stablecoin pegged at a 1:1 ratio to the US dollar. Similar to other stable coins backed by the US dollar, USDT is also an ERC20 derivative.
As such, it can be stored on a Ledger hardware wallet with full account management under the Ethereum account.
Similar to how Ethereum can be managed by external wallets, any ERC20 token, including the USDT too, can be managed by third-party wallets such as the MyEtherWallet.
Today, we are going to walk you through the steps to set up MyEtherWallet with your Ledger device, so you can securely display your ERC20 token balance and manage your transactions. Ready? Here, we go…
Before you begin: You will need to have an initialized Ledger hardware wallet, plus the Ethereum app already installed on your Ledger device. Plus, the Ledger Live application downloaded and installed on your device.
Before you begin: Take a few minutes to update Ledger Live application
Note: to secure any ERC-20 tokens you first need to have the Ethereum app installed on your Ledger device.
How to get Ledger and MyEtherWallet started
Step #1. Visit the MyEtherWallet from the main page here, and scroll until you see the ‘Access Now’ button as per the image below.
Step #2. Next, press the ‘Hardware’ wallet as shown below.
Step #3. This brings up a new window where you need to select ‘Ledger’ and then ‘Continue’ as depicted below.
Step #4. Choose the Ethereum app you opened on your Ledger, use the default address, and then click ‘Next’.
Step #5. Keep the network as it is, select an address, then accept the terms and conditions, and finally press on the ‘Access My Wallet’ button.
Now, all that is needed is to add the ERC20 token of interest by following the next instructions.
#1. Access your wallet as per Steps 1–5, outlined above.
#2. In the default token search bar, search ‘USDT’, load the token and that’s yet.
Conclusion
Like many cryptocurrencies, the stablecoin, USDT is a fast emerging cryptocurrency. While USDT owners are able to manage their funds directly using the Ledger Live app, the MyEtherWallet provides that extra account management flexibility when you need it. Use this guide to learn how to connect your Ledger device to the MyEtherWallet. Enjoy!
