Tether conducted a 300M USDT chain swap from Omni to Ethereum 🚨 This article is 5 years old...
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Tether conducted a 300M USDT chain swap from Omni to Ethereum
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Updated: Nov. 7, 2019 at 2:24 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
In an early-morning tweet on Oct. 29th, Tether announced that it would be performing a 300 million USDT chain swap. The conversion from the Omni protocol to ERC20 tokens will be conducted with a third-party that remains anonymous.
A chain swap is a process in which a certain entity moves a given cryptocurrency from one blockchain into another. It enables the utilization of digital assets across the various blockchains that support them.
At the moment, Tether is available on four different blockchains, including Omni, Ethereum, Tron, EOS, and Liquid. The ongoing swap is meant to move 300 million USDT from Bitcoin Omni-based addresses to Ethereum-based ones.
This is not the first time Tether conducts a major chain swap. Earlier this year, it was reported that the firm was abandoning the Bitcoin-based Omni protocol in favor of the more efficient Ethereum.
Anthony Sassano, an Ethereum developer and head of marketing at Set Protocol, pointed out in July that it was very likely that the majority of USDT in circulation will live on Ethereum instead of Omni. During that time, the number of USDT as ERC-20 on Ethereum was almost 40 percent of the total amount of USDT on Omni. Today, that number is nearly 45 percent, according to Tether’s ‘transparency’ page.
Binance, Huobi, and Poloniex also announced support for ERC-20 based USDT earlier this year claiming that this protocol was faster and more efficient than the Omni network.
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Tether
$0.99962
Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
Ethereum
$3,480.34
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Omni
$1.51520
Omni is a platform for creating and trading custom digital assets and currencies.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
HTX
Huobi, a virtual asset exchange, launched a revised branding strategy on September 13, 2023, where “Huobi” will be rebranded as “HTX.” “H” stands for Huobi, “T” represents TRON with a commitment to being all in TRON, and “X” stands for the exchange.
Poloniex
Poloniex is a US-based cryptocurrency exchange platform offering a wide variety of digital assets.