One of the biggest crypto exchanges Huobi Global recently announced that they have opened deposit and withdrawal service for Tether (USDT) in both it's Omni Protocol and ERC20 token form. Earlier the exchange only offered USDT linked to Bitcoin's Omni layer.
The company’s CEO, Livio Weng said:
“By offering services for ERC20 Tether, we want to make the trading experience easier for both retail and institutional traders. This is just one more way we're seeking to enhance user experience and better serve the trading community.”
Notably, the Ethereum-based USDT has a smoother and faster deposit/withdrawal process, which is an advantage for institutional traders and others who prized speed. The ERC20 Tether operates 15-30 seconds faster than the version running on the Bitcoin-based Omni Protocol. This will facilitate more efficient exchange arbitrage, and several partner exchanges are already working to integrate the new tokens.
The CTO of Tether, Paolo Ardoino said:
“We regard Tether as a crucial infrastructure component for a thriving blockchain ecosystem and it is brilliant to witness its growing adoption. Ethereum-based Tether represents a fantastic opportunity to facilitate the adoption of blockchain technologies, specifically the Ethereum network, and displays our continued commitment to providing our users with a suite of highly-useful trading products.”
Established in 2013, Huobi Group's accumulative turnover exceeds $1 trillion. It gives safe, secure, and convenient cryptocurrency trading and asset management services to millions of users in 130+ countries. USDT allows users the ability to trade and transact with traditional fiat currencies on the blockchain, without the inherent volatility and complexity typically associated with other forms of digital currency. It is the most popular stablecoin.