Tether (USDT) Chain Swap Based on Ethereum Makes Bitcoin Omni-Version Obsolete

Ethereum blockchain has finally ousted Bitcoin in regards to the number of tether stablecoin tokens being issued. In just under seven months, the USDT on ETH has surpassed the omni-version.

Many in the crypto industry have noticed the increased use of Tether (USDT), the world's largest stablecoin. However, while USDT usage has exceeded tens of billions in trading volume, it is noticeable that only specific USDT coins are being used.

As many might be aware of, Tether comes in different versions, depending on the blockchain that its coins operate on. For a long time, its coins operated on the Bitcoin Omni network. However, USDT then decided to expand and launch its coins on additional blockchains.

These days, Tether has its coins on Bitcoin, Ethereum, and TRON blockchains. However, recent data from CoinMetrics indicates that not all of them are equally as popular. In fact, Ethereum-based USDT coins have exceeded Bitcoin-based coins in terms of usage.

The ERC-20 version of USDT started gaining traction earlier this year in April, after being launched in January 2018. Now, in October 2019, it finally exceeded Omni coins, after catching up for seven months.

Two days ago, on October 29th, Tether also made an enormous chain swap, where 300 million coins were transferred from the Omni network to Ethereum. Furthermore, Ethereum is not the only blockchain that is seeing increased use of USDT.

As mentioned, the company also launched a large portion of its coins on the TRON network. In fact, only three days ago, TRON CEO, Justin Sun, announced that TRON blockchain contains 800,000 USDT. With an increasing number of USDT tokens, Sun feels confident that the TRC-20 version of USDT might quickly become the largest stablecoin in the world.

Tether did not stop its expansion with Ethereum and TRON, either. Earlier this year, the stablecoin emerged on EOS and Algorand networks, as well. Not to mention its famous arrival on the Liquid Network in late July 2019. One reason for increased usage of USDT on the so-called ‘exotic' networks might lie in the fact that transactions are more difficult to track there.

TRON (TRX) Live Price

1 TRX/USD =$0.0168 change ~ -1.44%

Coin Market Cap

$1.12 Billion

24 Hour Volume

$142.88 Million

24 Hour VWAP

$0

24 Hour Change

$-0.0002

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Ali Raza
Ali Raza
A freelance journalist, with experience in web journalism and marketing. Ali holds a master degree in finance and enjoys writing about cryptocurrencies and fintech. Ali's work has been published on a number of cryptocurrency publications.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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