Huobi Global, the world leading cryptocurrency exchange, announced their decision to add the deposit and withdrawal service for Ethereum based version of Tether (USDT) on top of the Bitcoin-based Omni Protocol form of USDT.
“By offering services for ERC20 Tether, we want to make the trading experience easier for both retail and institutional traders. This is just one more way we’re seeking to enhance user experience and better serve the trading community,” said Livio Weng, CEO of Huobi Global.
Bitcoin-based USDT and Ethereum-based USDT are considered two separate cryptocurrencies which run on different blockchains. USDT-Omni is based on the BTC network. Its deposit address is the BTC address, and its deposit and withdrawal use the BTC network. The protocol of USDT-Omni is the Omni layer protocol based on the BTC blockchain network. USDT-ERC20 is based on the ETH network. Its deposit address is the ETH address, and its deposit and withdrawal use the ETH network. The protocol of Ethereum based USDT is the ERC20 protocol.
Until now, the exchange only offered USDT linked to Bitcoin’s Omni layer. USDT released the ERC20 version of their token because it is interoperable with the dApps and protocols hosted on the Ethereum blockchain. The Ethereum-based USDT offers an advantage for institutional traders and others in terms of much smoother and faster deposit/withdrawal process.
“We regard Tether as a crucial infrastructure component for a thriving blockchain ecosystem, and it is brilliant to witness its growing adoption. Ethereum-based Tether represents a fantastic opportunity to facilitate the adoption of blockchain technologies, specifically the Ethereum network, and displays our continued commitment to providing our users with a suite of highly-useful trading products,” said Paolo Ardoino, Chief Technology Officer of Tether.
Tether (USDT) which was launched in 2014, allows users the ability to trade and transact with traditional fiat currencies on the blockchain, without the inherent volatility and complexity typically associated with other forms of digital currency. Tether is currently the most popular stable coin by market cap with each unit of Tether is pegged to one USD.
Established in 2013, Huobi Group is the world’s leading blockchain company consisting of ten upstream and downstream enterprises. Huobi Group’s accumulative turnover exceeds the US $1 trillion. It provides safe, secure, and convenient cryptocurrency trading and asset management services to millions of users in more than 130 countries.