Huobi Global is pleased to announce that as it has opened deposit and withdrawal service for Tether (USDT) in both its Omni Protocol and ERC20 token form.
Previously, the exchange only offered USDT linked to Bitcoin’s Omni layer. The Ethereum-based USDT has a much smoother and faster deposit/withdrawal process, however, which is an advantage for institutional traders and others who prized speed.
“By offering services for ERC20 Tether, we want to make the trading experience easier for both retail and institutional traders,” said Livio Weng, CEO of Huobi Global. “This is just one more way we’re seeking to enhance user experience and better serve the trading community.”
“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,” commented Paolo Ardoino, Chief Technology Officer of Tether.
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 USDT-ERC20 is the ERC20 protocol.
Launched in 2014, USDT 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. Currently the most popular stablecoin by marketcap, each unit of Tether is pegged to one USD.