{"id":109431,"date":"2019-07-05T16:06:55","date_gmt":"2019-07-05T23:06:55","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=109431"},"modified":"2019-07-05T16:06:55","modified_gmt":"2019-07-05T23:06:55","slug":"tether-migrating-bitcoin-ethereum-blockchain","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/tether-migrating-bitcoin-ethereum-blockchain\/","title":{"rendered":"Tether slowly migrating from the Bitcoin to Ethereum blockchain"},"content":{"rendered":"

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.\u00a0Major cryptocurrency exchanges Binance and Poloniex announced they were both moving their Tether<\/a> addresses from Omni.<\/p>\n

Tether addresses switching from Omni to ERC-20<\/h2>\n

While Bitcoin dominance over the cryptocurrency market is undisputed, Bitcoin-based protocols are slowly becoming less popular. The increase in adoption pushes transaction numbers way higher than what protocols such as Omni<\/a>, an open-source asset platform on the Bitcoin blockchain, can handle, which is why many traffic-heavy cryptocurrencies have begun moving their coins to other platforms.<\/p>\n

Tether<\/a> (USDT) is the biggest and most notable company that has started to abandon the Bitcoin-based Omni protocol in favor of the more efficient Ethereum<\/a>. 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.<\/p>\n

According to<\/a> Tether's \u2018transparency\u2019 page, the company currently has around $2.8 billion USDT in circulation on Omni. The protocol also holds very little fiat currency, with a balance of just over \u20ac1,600 currently on Omni. However, there is over $1.1 billion in USDT currently on Ethereum, as well as more than \u20ac50 million.<\/p>\n

Sassano said it was very likely that the majority of USDT in circulation will live on Ethereum instead of Omni.<\/p>\n

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Tether is steadily migrating from Bitcoin to Ethereum. USDT as ERC20 on Ethereum is now up to almost 40% of USDT on Omni\/Bitcoin.<\/p>\n

It's only a matter of time before the majority of USDT lives on Ethereum instead of Omni\/Bitcoin ? pic.twitter.com\/vzzBWkHc5f<\/a><\/p>\n

— Anthony Sassano (@sassal0x) July 3, 2019<\/a><\/p><\/blockquote>\n