A User’s Guide to Selling USDT for MYRC on BLOX | by Oscar Lai | Medium

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A User’s Guide to Selling USDT for MYRC on BLOX

After sharing my guide on buying USDT with MYRC, I’ve gotten a ton of requests from you all asking, “Okay, but how do I go the other way which is selling USDT back to MYRC?” It’s a popular ask and I get it, sometimes you need to cash out or switch things up. So, here’s my take on how I’ve been selling USDT to get MYRC using BLOX, the Malaysian platform with its MYR-pegged stablecoin. To be frank, it’s just as straightforward as the buying process, and it still beats the high fees of exchanges or the sketchiness of P2P trades. So let’s right dive right in!

Prerequisites

Before you start, here’s what you’ll need to have ready:

• Google Authenticator: Download it from your app store (iOS/Android) for MFA. Scan the QR code from BLOX later to link it. Guide to setting up Google Authenticator.
• MetaMask Wallet: Install the MetaMask extension (Chrome/Firefox) or app. It’s where you’ll send MYRC and swap for USDT. How to set up MetaMask.
• Add Arbitrum Network to MetaMask: Add the Arbitrum One network to MetaMask. Follow this guide here to add the network into your MetaMask.
• Import MYRC Contract Address: To view your MYRC token in MetaMask, import the contract address: 0x3eD03E95DD894235090B3d4A49E0C3239EDcE59e. In MetaMask, go to “Import Tokens” and paste it. How to import tokens into MetaMask.

Step 1: Getting My USDT Ready in MetaMask

First, I made sure my USDT was in my MetaMask wallet on the Arbitrum network. If it’s on another network (like Ethereum), I’d need to bridge it to Arbitrum first. There are plenty of guides online for that. I checked my balance under “Assets” in MetaMask to confirm I had enough USDT to sell, plus a tiny bit of ETH for gas (very important).

Step 2: Swapping USDT to MYRC on Uniswap/1inch

You could use either Uniswap or 1inch to swap it but for my case, I used Uniswap on Arbitrum:

1. Go to Uniswap: Opened uniswap.org, connected my MetaMask, and switched to Arbitrum One.
2. Select Tokens: In the swap box, chose USDT as the “Sell” token (it’s usually listed by default). For “Buy,” I clicked “Select Token,” pasted the MYRC contract address (0x3ed03e95dd894235090b3d4a49e0c3239edce59e), and selected it.

Click on “Select Token”

Insert BLOX MYRC Contract address in the search bar

3. Enter Amount: Typed how much USDT I wanted to sell. Uniswap showed me the MYRC I’d get.

4. Approve USDT: First time swapping USDT? I had to click “Approve” and confirm in MetaMask (needs ETH for gas).

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5. Swap It: Hit “Swap,” confirmed the transaction in MetaMask, and waited a minute. MYRC landed in my wallet!
Note: Needed that small ETH for gas on Arbitrum, it’s cheap but it’s not free.

Step 3: Sending MYRC to BLOX

With MYRC in MetaMask, I sent it to my BLOX account:

1. Log into BLOX: Went to blox.my, logged in, and headed to the “Deposit” section.

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2. Get MYRC Address: Selected “Blockchain Wallet,” chose Arbitrum Network (not Ethereum — same reason as before: cheaper and faster), and copied the deposit address BLOX gave me.

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Select “Blockchain Wallet”

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Remember to select “Arbitrum”

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Copy the Deposit Address for Arbitrum Network

3. Send from MetaMask: In MetaMask, clicked “Send,” pasted the BLOX address, entered my MYRC amount, and confirmed with a bit of ETH for gas.

Make sure it is on Arbitrum Network and click “Send”

Paste your deposit address from step 2

4. Verify on BLOX: After a minute, MYRC showed up in my BLOX dashboard which will then be ready to use or redeem.

Step 4: Redeeming MYRC for MYR (Optional)

If I wanted MYR instead of holding MYRC, I could cash out:

1. Go to Withdraw: On BLOX, clicked “Withdraw,” chose “Bank Transfer.”

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2. Enter Details: Added my bank info, set the MYRC amount (1 MYRC = 1 MYR), and hit “Continue.”

3. Authenticator Code: Entered my 6-digit Google Authenticator code to confirm, remember you can’t skip this step!

4. Wait for MYR: Took a day or so, but MYR hit my bank account, no deposit fees from BLOX’s end.

Why BLOX rocks for this

• Low Fees: No deposit fees on BLOX, and Arbitrum swaps are fast and cheap.
• Security: MFA and bank-backed MYRC mean my funds feel safe, unlike P2P trust issues.
• Stable Value: MYRC’s 1:1 MYR peg keeps things predictable.
• Malaysian Vibe: Built for us which makes bank transfers seamless.

My Takeaway

Selling USDT for MYRC was a breeze with BLOX and Uniswap. Just prepare your MetaMask, swap on Arbitrum using the MYRC address (0x3ed03e95dd894235090b3d4a49e0c3239edce59e), send it to BLOX, and redeem if you want it in MYR with secure and low-cost service. After two months of using BLOX, I’m hooked because of no P2P hassles, no fee gouging. You asked for this guide, and I hope it’s your crypto hack too!