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.
A similar trend is seen in the number of on-chain transactions. USDT as an ERC20 token has become the dominant vehicle for transferring and using tether. pic.twitter.com/emWEouYpjw
— TokenAnalyst (@thetokenanalyst) October 18, 2019
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…