Tether's USDT is steadily migrating from Bitcoin Omni-based addresses to Ethereum-based ones, with 40 percent of USDT now using the ERC-20 standard.
Anthony Sassano, an Ethereum developer and head of marketing at Set Protocol, pointed out that the number of USDT as ERC-20 on Ethereum has significantly increased, and is now up to almost 40 percent of the total amount of USDT on Omni.
According to Tether's 'transparency' page, the company currently has around $2.8 billion USDT in circulation on Omni.
There is over $1.1 billion in USDT currently on Ethereum, as well as more than €50 million.
Sassano said it was very likely that the majority of USDT in circulation will live on Ethereum instead of Omni.Tether is steadily migrating from Bitcoin to Ethereum.
USDT as ERC20 on Ethereum is now up to almost 40% of USDT on Omni/Bitcoin.
It's only a matter of time before the majority of USDT lives on Ethereum instead of Omni/Bitcoin pic.
Tether isn't the only one migrating USDT from Omni.
On July 3, Binance announced that Ethereum's ERC-20 based addresses will be standard from now on when it comes to USDT. Apart from a 30-minute downtime for USDT withdrawals and deposits, the switch was relatively smooth.
Back in February, Singapore-based Huobi added support for USDT Ethereum addresses but has retained support for Omni withdrawals.
Tether slowly migrating from the Bitcoin to Ethereum blockchain
gepubliceerd op Jul 5, 2019
by Cryptoslate | gepubliceerd op Coinage
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