Ethereum
Network Congestion Pushes Tether to Launch on OMG Network
Tether’s popular USDt
stablecoin is now live on the OMG Network, according to the firm. Plans to
add USDt to the OMG Network were announced back in May, and the integration
comes at a time in which fees on the Ethereum network have risen exponentially.
The OMG Network can reportedly
handle thousands of transactions at a third of the cost of Ethereum, as a
layer-two solution for ETH that batches transactions before settlement. In a blog post, Tether wrote:
“The integration [between Tether and OMG
Network] will result in a reduction of confirmation times delivering faster
payments while fees will be reduced without compromising on-chain security.”
Tether’s USDt is currently the
third-largest cryptocurrency by market capitalization, with over $13 billion
tokens currently in circulation. Most tokens are circulating on the Ethereum
network, making it one of the top three Ethereum “gas guzzlers,” according to
Ethergastation.
The OMG Network is also
facilitating deposits and withdrawals of USDt on its blockchain via Bitfinex,
allowing traders “to react faster to trading opportunities and take advantage
of arbitrage more efficiently.”
