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USDT stablecoin is in the process of migrating from the Omni protocol to the Ethereum blockchain.

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USDT stablecoin is in the process of migrating from the Omni protocol to the Ethereum blockchain.

Tether's USDT, a stablecoin pegged to the US dollar, is gradually transitioning from the Bitcoin-based Omni protocol to operate on the Ethereum blockchain. Currently, 40% of the total USDT supply has already migrated to the ERC-20 token standard on the Ethereum blockchain.

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USDT, the US Dollar stablecoin issued by Tether in 2014, is currently one of the mainstream stablecoins in the cryptocurrency market and also has the largest circulation. Tether has started to move away from Bitcoin's Omni protocol and is now supporting the more efficient Ethereum.

The Omni Layer is an open-source protocol on the Bitcoin blockchain, and USDT is a token issued on this open platform. With the increasing trading volume in the cryptocurrency market in recent years, the Omni protocol has been struggling to keep up, leading to issues such as slow transactions.

According to a report, Anthony Sassano, an Ethereum developer and also the marketing lead at Set Protocol, pointed out that the amount of ERC-20 version USDT on Ethereum has significantly increased, now accounting for almost 40% of the total USDT volume on Omni.

According to Tether's data on their official website, the current circulation on Omni is around $2.8 billion USD. The Euro stablecoin EUR₮ has €1,600 in circulation. Currently, there are over $1.1 billion USD worth of USDT on Ethereum and over €50 million EUR₮.

Source: tether.to

Sassano also mentioned on Twitter that in the future, the majority of circulating US Dollar stablecoins will rely on Ethereum rather than Omni, stating that it's only a matter of time.

Some major cryptocurrency exchanges have already opened up addresses for ERC-20 version USDT. On July 3rd, Binance announced that ERC-20 will become the default deposit and withdrawal address for USDT, while the original Omni version of USDT can still be deposited and traded but not withdrawn.

Poloniex also announced that they would open up deposits and withdrawals for ERC-20 version USDT on the same day.

As early as February this year, Singapore-based Huobi had already enabled deposits for ERC-20 version USDT. Both Huobi and Poloniex mentioned that the Ethereum version of USDT is faster and more efficient than the Omni network.

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