Tether (USDT) to migration over to Ethereum network
- The stablecoin company Tether are set for migration over to Ethereum-based wallets for its USDT.
- Tether will be minting new ERC-20 coins as part of the process for the Ethereum blockchain.
Tether (USDT) are continuing to evolve, resulting in them migrating more coins over to the Ethereum (ETH) network.
Earlier this week, Binance announced it they will be closing withdrawals for Omni-based USDT, and switch to ERC-20 wallets, in effect serving as a token swap mechanism.
The CTO of Tether, Paolo Ardoino, provided insight behind the move, by stating that more USDT would be moved:
We are getting more and more requests to swap Tether from Omni to ERC20. That's why these Tether got minted:
As you can see is growing since it is receiving Tether-Omni leg. Once the swap flow will be stable we'll burn the excess.
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
