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Recent reports suggest that the popular Bitcoin Omni version of Tether (USDT) has gotten overshadowed by the ERC-20 version of the coin, indicating that USDT users prefer Ethereum.
Tether (USDT), the world’s largest stablecoin, made a considerable effort to increase the effectiveness of its cryptocurrency by expanding to a number of different blockchains. Originally, Tether expanded to a Bitcoin-based system known as Omni, where it remained for years. However, earlier this year, the project announced that it wants to go further on.
In months that followed, USDT got its TRON-based version in addition to the ERC-20 version. However, according to recent data, it would seem that the Ethereum version of USDT is actually the most popular one. Not only that, but it even managed to overshadow the Omni version by quite a bit.
2,023,993,042 USDT on Ethereum
1,775,000,000 USDT on Bitcoin (Omni)
THE TETHER FLIPPENING HAS HAPPENED. https://t.co/5PvkntHGsH
— Shane Fontaine🛡️ (@shanecoin) October 29, 2019
For a long time, the Bitcoin Omni version of USDT was in the lead, usually above the $2 billion mark. However, in late September and early October, the Ethereum version of Tether started catching up, until it finally exceeded the Omni version.
Of course, this might not mean much by itself. However, it does imply that the crypto community might be starting to prefer Ethereum’s blockchain over Bitcoin’s Omni network.
As some might know, Bitcoin still has its Liquid Network that gives it a bit of an edge. Liquid is actually a Bitcoin sidechain operated by Blockstream. It provides faster transaction settlements, sophisticated security, confidential transactions, and more.
Not only that, but the company’s CSO, Samson Mow, previously revealed that the network would start supporting Liquid USDT, while Bitfinex would be its major supporter among the exchanges. This derivative would have pretty much the same function like others, although it would bring some obvious advantages regarding speed and security. For now, however — the Ethereum version appears to be in the lead.
Ethereum has seen a lot of positivity in the media and the community recently, and its new major upgrade, Istanbul, will be implemented around December 4th. Furthermore, Binance itself commented on Ethereum’s plans to switch to PoS, predicting that profits earned from staking are likely to range in the billions after the Ethereum 2.0 update.