In line with a recent official ‘press-release‘ published, renowned global crypto-currency exchange ‘Huobi’ has launched support for Ethereum [ETH] blockchain based version of USD-pegged stablecoin namely Tether [USDT].
Since from yesterday, i.e from 27th Feb., Huobi will be providing deposit and withdrawal services for major ‘stablecoin‘ Tether in both of its original Bitcoin [BTC]-based Omni Layer Protocol and its recently launched ERC-20 token form, that built on the Ethereum’s blockchain.
Launched earlier in 2014, Tether [USDT] aims to permit its users to trade and transact standard fiat currencies onto the blockchain. Tether has 2 tokens, USDT and EURT, supposedly pegged in the ratio of 1:1 to the fiat currencies, USD and the Euro, individually.
In line with Huobi’s release, ERC20 Tether “has a way smoother and quicker deposit/withdrawal process,[…] that is an advantage for institutional traders along with others who prized speed.”
The Ethereum-based token conjointly offers interoperability within ‘Ethereum‘ based protocols and dApps [Decentralized Applications], whereas also reducing transactional fees and confirmation time. As per official data from Tether’s ‘web-blog‘, the ERC20 version of USDT operates 15-30 seconds quicker than the version running on the Bitcoin-based Omni Protocol.
Livio Weng – The chief executive officer of Huobi aforementioned that the launch of ERC20 Tether on the platform intends to simplify the trading expertise for both retail and institutional traders.
Launched earlier in 2012, the Omni Layer was referred to as Mastercoin, a digital currency and communications protocol supporting Bitcoin [BTC] blockchain.
Just recently, the EEA [Enterprise Ethereum Alliance], an international ‘blockchain‘ community with over five hundred members, ‘declared‘ the launch of a token task force, focusing to contribute to entreprise tokenization specializing in support for ERC20 and ERC721 based tokens.