According to CoinMetrics data, Ethereum has finally flipped Bitcoin in terms of the number of Tether USDT tokens issued on its Blockchain.
The @Tether_to flippening finally happened!! It took just under 7 months for $USDT on #ethereum to surpass USDT on omni once it started gaining traction in April. https://t.co/9Hy5kVqz3o pic.twitter.com/nxPJIiUqIX— CoinMetrics.io (@coinmetrics) October 30, 2019
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.
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.