Top cryptocurrency exchange Huobi Global has announced that it is extending its support for Tether (USDT) beyond its Omni Protocol form to its Ethereum-based ERC20 token form as well. A press release dated 27th of February, 2019, has been published to announce the said news.
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The Bitcoin Omni Protocol version of USDT may be the most commonly used form of Tether, a stablecoin pegged to the USD, but its Ethereum-based ERC20 form is definitely the faster and smoother variant, serving institutional investors rather effectively. Given that this form of the USDT allows for a far quicker process of making deposits or withdrawals, institutional investors definitely prefer it to the Bitcoin Omni layer one, as do those crypto enthusiasts who value the need for speed in crypto transactions.
Livio Weng, who serves as the Chief Executive Officer (CEO) of Huobi Global, had to say the following about adding this support:
“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.”
Huobi Global will be providing support for the USDT based on the Ethereum blockchain with immediate effect.
Tether itself only launched its Ethereum-based version, which is not just more efficient but also more useful in terms of being interoperable with the dApps and protocols hosted on the Ethereum blockchain, in January last year.
With this support being added, customers will also be able to reap the benefits of faster confirmations and lower transaction fees.
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Paolo Ardoino, Chief Technology Officer of Tether, had the following to say, as quoted in the press release:
“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.”