Thailand-based OMG Network has launched Tether transfers integration, providing an alternative option for swapping the market leading stablecoin. The rollout will also enable OMG Network users to deposit and withdraw USDT directly to the centralized Bitfinex exchange. Tether is a subsidiary of iFinex Inc, which also operates the Bitfinex exchange.
The launch will bring increased speeds and reduce transaction costs for Tether transfers, currently the number one source of transactions on the Ethereum network.
Shifting Tether transactions to the OMG Network could reduce Ethereum congestion up to 15%.
OMG evolved from OmiseGo, a peer-to-peer payment network that raised $25 million in a 2017 ICO. The network launched in June 2020 and facilitates transfers of ERC20 tokens at a fraction of the cost of current Ethereum gas prices.
Dollar-pegged Tether is by far the largest stablecoin by total supply, with more than 12 billion Tethers currently in circulation. Tether has been the leading source of Ethereum transactions for several months, accounting for approximately 14% of all transactions broadcast to the network according to data from blockchain research firm Glassnode.
