The world’s most dominant stablecoin currently has its lion’s share based on Ethereum. Tether is now looking at alternatives, and the high-speed OmiseGO (OMG) network has been selected.
According to the announcement, Bitfinex has been the first to integrate Tether (USDT) on the OMG Network, for faster and cheaper transactions.
OmiseGO is an ERC-20 based platform that uses the Plasma layer two scaling solution to achieve much faster transactions than Ethereum. It has recently been rebranded to simply OMG Network.
According to its CEO, Vansa Chatikavanij, the network supports “thousands of transactions per second at a third of the cost of the same transaction on Ethereum.”
Ethereum co-founder Vitalik Buterin was quick to point out that it was not an “Ethereum killer,” but congratulated the team on the launch of their mainnet.
— vitalik.eth (@VitalikButerin) June 1, 2020
Paolo Ardoino, CTO at Bitfinex, added:
“By migrating USDt value transfers to the OMG Network, we save costs, drive performance improvements, and relieve pressure on the root chain. This is good for Bitfinex, our users, and the entire Ethereum ecosystem.”
OMG prices surged on the news adding 18% on the day to reach US$1.80 [AU$2.64]; however, like most altcoins, they are still heavily down from all-time highs.
Featured image courtesy of Austin Distel/Unsplash