Tether (USDT), the most popular stablecoin on the market, has just been integrated into the OMG Network, formerly known as OmiseGO, the exchange has said through its official Twitter account.
According to Bitfinex, the integration will lead to a reduction in transaction confirmation times and fees.
OMG Network CEO Vansa Chatikavanij said the network supports "thousands of transactions per second at a third of the cost of the same transaction on Ethereum."
The trading platform will allow deposits and withdrawals of USDT on the OMG Network.
According to the exchange, the Ethereum network is "vulnerable to severe network congestion" during times of high demand. Ethereum's total transaction throughput is limited to approximately 12 transactions per second. However, when the demand for transactions exceeds that level, settlement time increases and gas fees can grow "significantly."
Bitfinex CTO Paolo Ardoino said "by migrating USDT value transfers to the OMG Network we save costs, drive performance improvements and relieve pressure on the root chain network."
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