Bittrex officially switches USDT to ERC-20 on the Ethereum network

The U.S. cryptocurrency exchange Bittrex has completed the conversion of Tether (USDT) from the OMNI-based stablecoin to the ERC-20 format on the Ethereum network.

Currently, the majority of people still use USDT as the stablecoin of choice, holding the largest share of the stablecoin market. The immense 24-hour trading volume of USDT can be seen in the chart below.

Due to the increasing trading volume, USDT has had to increase its support on other chains. With the recent addition of the Liquid Network Sidechain, it is now supported on 6 different chains.

Reference article: Tether to Issue USD Stablecoin Across Fifth Blockchain

The most notable chains are the original Omni and the increasingly popular ERC-20, with the former being an open-source protocol on the Bitcoin blockchain and the latter being a token standard on Ethereum. The current trend is for ERC-20 to gradually replace the overloaded Omni.

Reference article: Stablecoin USDT Transitioning from Omni to Ethereum Blockchain

Bittrex announced that USD cash deposits and withdrawals are now publicly available in a tweet on 8/5. The exchange has temporarily suspended USDT deposits and withdrawals for conversion.

Bittrex initially announced the conversion protocol on 7/25. With this move, Bittrex will provide users with faster, cheaper, and more interoperable USDT transfers. Specifically, the exchange will reduce withdrawal fees to $1. The announcement further explains:

Once the exchange is complete, all USDT at Omni network addresses can no longer be sent to Bittrex, and USDT in Bittrex accounts cannot be sent to Omni network addresses.

In mid-July, Huobi Exchange also announced that it would convert its HUSD token from its existing stablecoin system to the ERC-20 standard through a collaboration with the crypto startup Stable Universal Limited and Paxos Trust Company.

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