Tether has moved almost all of the activity of the USDT stablecoin to the Ethereum network. Analysis shows that most coins were active on Ethereum, with only residual activity on the Bitcoin Omni layer.


Retail Traders Adopt New Type of USDT

While Tether completed the switch, there were no significant mintings of new coins. Most of the newly minted assets were a technicality, to move new coins to the Ethereum network. Currently, the network carries 2.023 billion coins, with smaller issuances on the TRON, EOS, and Algorand networks.

The data matches an earlier discovery that the action of ERC-20 USDT had a greater effect on BTC prices in comparison to Omni-based USDT. This is not unusual, given that the biggest carriers of ERC-20 USDT are exchanges like Binance and OKEx, concentrating high level BTC…

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Source: https://thebitcoinnews.com/usdt-erc-20-trading-now-dominant-vehicle-for-tether/