Binance moving away from OMNI tether, will only use ERC-20 going forward

04 Jul, 2019
by Ryan Boltman
Exchange
Binance moving away from OMNI tether, will only use ERC-20 going forward

Binance have announced that the exchange is moving away from OMNI tether (USDT) and will only be using ERC-20 tether going forward 

Binance announced that the exchange will be moving to the Ethereum based ERC-20 token for tether (USDT) trading. 

The announcement by Binance comes as more traders make use of the Ethereum based token and Binance have recognized this, announcing that all USDT deposit and withdrawal addresses will be changed from OMNI-based addresses to ERC-20-based addresses. 

Binance CEO Changpeng Zhao also commented on the move, saying "Reason: the number of people depositing omni is low. We follow user demand."

It appears the demand for OMNI based tether is dwindling and people are making more use of the Ethereum blockchain. 

USDT is currently the most popular stable coin in the industry, ranked 8th with a total market cap of $3.64 billion, and a daily trading volume of nearly $26 million.

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Read more about: Binance Tether (USDT)

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