Tether transfers are going live now on OMG Network’s scaling solution as the ETH network congestion could become a thing of the past as we are about to read in the tether coin news today.
OMG Network has just launched Tether transfers integration providing an alternative option for swapping the leading stablecoin on the market. Shifting Tether transactions to the OMG network will reduce ETH congestion by about 15%. Tether users will be able to deposit and withdraw directly from the Bitfinex exchange and this could relieve the Ethereum gas fees that recently hit an all-time high.
We are pleased to announce that Tether (USDt) is live on the OMG Network transport layer.
— Tether (@Tether_to) August 19, 2020
Tether announced today for our tether coin news, that the USDT stablecoin transfers are live on the OMG network which is one of the first solutions of the Ethereum Layer 2 scaling solution. The launch will be increasing speed and will reduce transaction costs for USDT transfers which is the number one source of transactions on the ETH network. If a huge chunk of volume from Tether transfers goes to OMG, it could generate a reduction in the fees that are paid to interact with the ETH blockchain.
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OMG Network is based In Thailand and evolved from OmiseGo, which is a peer-to-peer payment network that managed to raise $25 million in a 2017 ICO. The network launched in June 2020 and facilitates transfers of ERC20 tokens for a fraction of the cost of the current ETH gas prices. The integration was initially announced in June with the actual transfer capabilities launching today. The rollout will enable OMG Network users to deposit and withdraw USDT to the Bitfinex exchange. Tether is a subsidiary of iFinex Inc which also operates with Bitfinex. Paolo Ardoino, CTO Of Tether said:
“At Tether we are committed to driving innovation and improvements to our service to better support our customers. By migrating USDt value transfers to the OMG Network we save costs, drive performance improvements and relieve pressure on the root chain network. This is good for Bitfinex and our customers, and the whole Ethereum ecosystem.”
The dollar-pegged TEtehr is by far the biggest stablecoin by total supply with more than 12 billion coins in circulation. Tether is the leading source of ETH transactions for a few months accounting for 14% of all transactions broadcast to the network according to the data from Glassnoide. OMG Network’s token was listed on Coinbase which prompted a 25% spike in the token price.
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