According to a recent announcement, Tether’s USDT is now live on the OMG Network. Users on the network now have easier access to the world’s number one stablecoin, and the fourth largest asset in the crypto market.
Back in June, Bitfinex had announced plans to launch USDT on OMG. Bitfinex expressed concerns for transaction confirmation times and transaction fees as well. According to Bitfinex, launching on the OMG Network would help with these problems.
Recently, there has been a significant increase in Ethereum gas prices and network glitches. Most of these problems stem from a rise in network congestion as more users try to run transactions on the network at the same time. The OMG Network launch is expected to seriously reduce this problem.
Speaking in an announcement, OMG Network CEO Vansa Chatikavanij said the launch will allow Tether scale its transactions better. The launch will also help tackle several other problems that may improve Tether’s general usage:
“Today, we’re excited to announce the launch of Tether on the OMG Network that supports thousands of transactions per second at a third of the cost of the same transaction on Ethereum. We’re delighted to address these fundamental issues and drive further growth and adoption of open financial services.”
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