{"id":54984,"date":"2019-08-06T13:00:40","date_gmt":"2019-08-06T11:00:40","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=54984"},"modified":"2019-08-06T13:57:05","modified_gmt":"2019-08-06T11:57:05","slug":"bittrex-adopts-erc-20-tether-as-ethereum","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/bittrex-adopts-erc-20-tether-as-ethereum\/","title":{"rendered":"Bittrex Adopts ERC-20 Tether as Ethereum Sees Stablecoin Activity Explode"},"content":{"rendered":"\n

Bittrex Adopts ERC-20 Tether (USDT) <\/strong><\/h2>\n\n\n\n

For some reason or another, Tether has started to begin a move off Omni, a chain that is built on top of Bitcoin. The firm’s stablecoin, USDT \u2014 which currently sports a jaw-dropping market capitalization of over $4 billion (a bit less than 1% of the entire crypto market’s capitalization) \u2014 has historically existed on Omni, leveraging established technology instead of its own blockchain. <\/p>\n\n\n\n

Now, Tether has been expanding its horizons, launching USDT contracts on Tron, EOS, and most notably, Ethereum. While EOS and Tron tout very low transaction times, and extremely low fees (or none at all), many service providers in the industry have opted to switch from the Omni version of the asset to the Ethereum iteration, which exists as an ERC-20 token \u2014 just like all other popular stablecoins based on the blockchain. <\/p>\n\n\n\n

Most recently, Bittrex, the America-centric exchange that has recently delisted a mass of altcoins<\/a>, has taken the ERC-20 plunge, ditching Omni. This has allowed the company to reduce USDT withdrawal fees by 80%, and also give users a bit more transparency, as Ethereum block explorers are a lot more accessible than their Omni counterparts. <\/p>\n\n\n\n

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Update: @BittrexExchange<\/a> has completed the swap of 69 million USDT from Omni Network to ERC20-based implementation.
\ud83d\udc4d Withdrawal fees reduced by 80%!
\u27a1\ufe0f Deposits and withdrawals are now open.
\u27a1\ufe0f Please regenerate and use new USDT deposit address. https:\/\/t.co\/hNHcXm1SnS<\/a> pic.twitter.com\/UFh5ijJnwh<\/a><\/p>— Bittrex (@BittrexExchange) August 5, 2019<\/a><\/blockquote>