Tether’s USDT has now been incorporated into the OMG Network. According to reports, the partnership with the OMG Network is to avoid the congestion the Ethereum network is very prone to.
According to Bitfinex, the move will help USDT become a lot more efficient, with both withdrawals and deposits. The time it takes to confirm the transaction and also the fees charged, will significantly reduce. Bitfinex’s CTO, Paolo Ardoino, also highlights this point, saying:
“…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.”
Bitfinex also adds that at times when there is high demand, Ethereum could be very “vulnerable to severe network congestion.” Now, the speed USDT traders can access on the OMG network will now allow traders to take full advantage of the market and “react faster to trading opportunities.”
Formerly known as OmiseGO, the OMG Network is a layer-2 solution which is non-custodial and supports scaling on Ethereum.
Including OmiseGO, Tether’s USDT is now available on seven blockchains. These include Tron, EOS, Liquid Network, Omni, Ethereum, Algorand, and EOS. USDT is however still enmeshed in its printing controversy as it recently pretends an additional 80 million USDT.