Tether, issuers of digital analogs of the US dollar and euro, has announced its decision to move to the Ethereum blockchain. It will help to make transactions faster and cheaper.

Tether has published a statement, in which it claimed to cease issuance of USDT and EURT tokens on the Omni Layer blockchain. Tether decided to move to the standard ERC20 on the Ethereum blockchain.


"The Ethereum-based Tether allows for tokenized USD and EUR to be transferred over the Ethereum network. This enables interoperability with Ethereum-based protocols and Decentralised Applications (DApps) while allowing users to transact and exchange fiat pegged currencies across the Ethereum Network," Tether said in an official statement.

According to Tether, switching to Ethereum system will help to lower commission fees and reduce transaction processing time.

"The ERC20 Tether will have much lower network transaction fees and much faster confirmation times (15-30 seconds) compared with Tether on Omni. This will facilitate more efficient exchange arbitrage, and several partner exchanges are already working to integrate the new tokens."

Since the announcement, Tether has already issued more than 100,000 USDT tokens, whose price is tied to the US dollar, and more than 14.5 million EURT tokens tied to euro.