If you are an OMG token holder, today is a great day for you. Tether’s token, USDT that is tethered to US dollar.
OMG Network, previously known as OmiseGO, is a non-custodial layer-2 scaling solution for the Ethereum blockchain.
Tether team is well aware of the rising Ethereum fees that has clogged the entire network and moving some of that burden onto the OMG network will not only reduce Ethereum ever-increasing gas prices but also reduce transaction speeds.
There will be severe reduction of conformation times that will help deliver faster payments while keeping fees to the minimum – all while keeping maximum on-chain security.
Tether’s CEO, Paolo Ardoino says that Tether is committed to drive innovation to bring better experience to their customers. By moving USDT to OMG Network, they will be saving a lot on transaction costs while getting strong performance.
OMG Network supports many thousands of transactions per second at fraction of cost compared to cost of similar transaction on Ethereum network.
Ardoino added that they will be making use of OMG Network at Bitfinex cryptocurrency exchange as well to deal with USDT deposits and withdrawals. This means moving funds will be faster for the end user.