Tether (USDT) Chain Swap Based on Ethereum Makes Bitcoin Omni-Version Obsolete
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 @Tether_to flippening finally happened!! It took just under 7 months for $USDT on #ethereum to surpass USDT on omni once it started gaining traction in April. https://t.co/9Hy5kVqz3o pic.twitter.com/nxPJIiUqIX
— CoinMetrics.io (@coinmetrics) October 30, 2019
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.
— Justin Sun (@justinsuntron) October 28, 2019
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.