Huobi Global is now offering deposit and withdrawal service for Tether (USDT) in both its Omni Protocol and ERC20 token form. Prior to today, Huobi only offered USDT linked to Bitcoin’s Omni layer. Bitcoin-based USDT and Ethereum-based USDT are considered two separate cryptocurrencies which run on different blockchains.
Tether is currently one of the most popular stablecoins with a market cap of around $2 billion. Tether is pegged to the dollar.
Livio Weng, CEO of Huobi Global, said that by offering services for ERC20 Tether, they want to make the trading experience easier for both retail and institutional traders.
Paolo Ardoino, Chief Technology Officer of Tether, expressed his opinion that Tether is a “crucial infrastructure component for a thriving blockchain ecosystem.”
“Ethereum-based Tether represents a fantastic opportunity to facilitate the adoption of blockchain technologies, specifically the Ethereum network, and displays our continued commitment to providing our users with a suite of highly-useful trading products.”
USDT-Omni is based on the BTC network. Its deposit address is the BTC address and its deposit and withdrawal use the BTC network. The protocol of USDT-omni is the Omni layer protocol based on the BTC blockchain network.
USDT-ERC20 is based on the ETH network. Its deposit address is the ETH address and its deposit and withdrawal use the ETH network. The protocol of USDT-ERC20 is the ERC20 protocol.