Cryptocurrency exchange Bittrex has completed switching Tether from the OMNI-based implementation of the stablecoin to the ERC-20 one.
American cryptocurrency exchange Bittrex has completed switching Tether (USDT) from the OMNI-based implementation of the stablecoin to the ERC-20 standard on the Ethereum network.
Bittrex announced that USDT deposits and withdrawals are now open in a tweet on Aug. 5. The exchange had temporarily suspended USDT deposits and withdrawals while making the switch.
“Quicker, cheaper, and more inter-operable transfers”
Bittrex initially announced that it would be switching protocols on July 25. With the move, Bittrex is looking to provide its users with faster, cheaper and more inter-operable transfers of USDT. Specifically, the exchange will lower withdrawal fees to 1 USDT. The announcement further explains:
“Once the swap is complete, all USDT from Omni network addresses can no longer be sent to Bittrex, and USDT from Bittrex accounts cannot be sent to Omni network addresses.”
Bittrex also notes that it will re-enable the USDT wallet once both the exchange and the Tether team come to an agreement that the migration is satisfactory.
Migration to other blockchains
The news comes in the wake of USDT’s transition to a sidechain of Bitcoin’s blockchain. According to an announcement on July 29, Tether is now also being offered on blockchain company BlockStream’s Liquid Network sidechain.
In mid-July, Huobi cryptocurrency exchange announced it will transition its HUSD token from its current stablecoin system to an ERC-20 standard through a partnership with crypto startup Stable Universal Limited and Paxos Trust Company.
Stable Universal will develop a new ERC-20 HUSD Token, which will be pegged to the United States dollar and held in reserve by the New York State Department of Financial Services-regulated custodian Paxos. Huobi will be the first platform to list HUSD Token.
Bittrex is the 78th largest cryptocurrency exchange by reported trade volume at press time, according to data from CoinMarketCap.