Tether (USDT) announced plans to integrate the stablecoin into the OMG Network in May 2020. Tether has now confirmed that the popular stablecoin is now live on the OMG Network.
We are pleased to announce that Tether (USDt) is live on the OMG Network transport layer.
Read our full announcement ⬇️https://t.co/aeKiyyGxmf pic.twitter.com/5EKJGUPxjM
— Tether (@Tether_to) August 19, 2020
Since the announcement, the fees on the Ethereum network have seen a massive increase due to the rise in gas prices and increased network congestion. On 13 Aug 2020, the average transaction fee on Ethereum broke all-time highs. CEO at OMG Network, Vansa Chatikavanij, outlined in a blog post that the OMG Network can handle thousands of transactions, at a third of the cost of the same transaction on Ethereum.
Tether is now the fourth largest cryptocurrency with a market cap of $10 billion. It is also the largest stablecoin by market cap, and has become the token of choice for traders.
The integration between Tether and OMG Network is expected to result in a much needed reduction of confirmation times, resulting in faster payments and reducing the cost of transactions, without compromising security.
The OMG Network will also facilitate USDT deposits and withdrawals via Bitfinex, enabling traders to react with speed to potential trading opportunities.