Tether begins testing USDT token transactions on OMG Network, a second-tier scaling solution for Ethereum.
The 3M USDT transaction took place a week after Tether announced the launch of the USDT stablecoin on the OMG Network. Tether recently transferred 1 billion USDT from the Tron blockchain to the Ethereum blockchain. In addition, last year, Tether completed a USD 300 million transaction from the Omni blockchain running on top of Bitcoin to Ethereum. Tether currently supports USDT stablecoins on seven networks: Algorand, Ethereum, EOS, Liquid Network, Omni, OMG Network, and Tron.
Tether CTO Paolo Ardoino explained that the OMG Network aims to reduce the load on the Ethereum blockchain. Recently, second-tier solutions for blockchain scaling have been gaining more and more popularity, be it the Lightning Network for Bitcoin or OMG and zkRollups for Ethereum. Ardoino added that such solutions allow you to place much more orders and make more transactions with small fees, while ensuring the security of the main network.
“I believe that the use of second-level solutions is the most correct approach, both from a technical point of view and from a future perspective,” Ardoino said.
Earlier, Ardoino stated that the lack of interoperability between blockchains affects not only stablecoins, but all cryptoassets. He believes that all companies in the industry should be looking for a solution to this problem, not just issuers of stable cryptocurrencies.
