USDT on BOB is being upgraded to OpenUSDT

USDT on BOB is being upgraded to OpenUSDT (oUSDT). Cross-chain transfers will now be powered by Chainlink CCIP and Hyperlane, making it faster and easier to bridge USDT stablecoin liquidity to and from the BOB network. 

The previous USDT contract on BOB is non-upgradable, so existing USDT liquidity will need to be manually migrated - user action is required to swap from the old to the new oUSDT version. 

The new oUSDT contract and a CCIP route between BOB and Ethereum have now been deployed. USDT holders on BOB are therefore requested to migrate their assets to the new standard. 

To make this as simple as possible, a 1:1 swap contract has been created, accessible via the migration page in the BOB App. You simply deposit your original USDT to receive OpenUSDT.

This swap contract has been seeded with $1,000,000 of oUSDT liquidity, which should be plenty for the current retail liquidity on BOB. But please note that this liquidity is available on a first-come, first-served basis, and the swap contract is planned to be deprecated after 90 days, on October 29th, 2025. 

If you need to migrate after this date, or if there is insufficient liquidity in the swap contract, we kindly ask that you migrate by first bridging your USDT off BOB, and then back to BOB via the BOB Bridge or OpenUSDT bridge. This will convert your USDT to OpenUSDT on BOB.

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Old contract address: 0x05D032ac25d322df992303dCa074EE7392C117b9

New contract address: 0x1217BfE6c773EEC6cc4A38b5Dc45B92292B6E189

Old Name & Symbol: Bridged USDT (USDT)

New Name & Symbol: OpenUSDT (oUSDT)

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