Bitcoin No Longer Rules the Roost in Tether World

News
Wed, 10/30/2019 - 17:28
Alex Dovbnya
The Ethereum-based version of Tether surpassed the one issued on the Bitcoin Blockchain
Cover image via 123rf.com
Contents

According to CoinMetrics data, Ethereum has finally flipped Bitcoin in terms of the number of Tether USDT tokens issued on its Blockchain.  

Related
Tether Is Chipping Away at Bitcoin's Payments Volume as Merchants Are Turning to Leading Stablecoin

Flipping Bitcoin after a chain swap

Tether, which initially issued its stablecoin on the Bitcoin-based Omni Layer Protocol, launched a new version of USDT on the Ethereum Blockchain back in January 2018. 

The ERC-20 version started to pick up steam very fast over the last seven months. CoinMetrics data showed it already became the most utilized stablecoin back in August based on the number of transactions.    

On Oct. 29, the company conducted a gargantuan chain swap with 300 mln Omni-based USDT moved to the Ethereum Blockchain, which allowed the flippening to happen.     

Related
Tether Ceding Ground to Competitors as Stablecoin Wars Pick Up Steam: Research

Moving to exotic Blockchains

Tether is not shying away from other Blockchains. As of Oct. 28, Justin Sun announced that the total amount of Tether issues on the Tron Blockchain reached 800,000 USDT. As reported by U.Today, the charismatic CEO predicted that TRC20-based USDT would become the world's biggest stablecoin.   

There are also other versions of the controversial stablecoin that appeared on EOS and Algorand networks earlier this year. At the end of July, it also debuted on the Liquid Network.     

Bloomberg claimed that it would be harder to track transactions on exotic Blockchains, which might be the main reason for abandoning Bitcoin.   

Subscribe to U.Today on Twitter and get involved in all top daily crypto news, stories and price predictions!

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

Top 10 Best Cloud Mining Sites in 2020
TOP 20 Best Bitcoin Trading Bots in 2020

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy