Tether Adds Token on Ethereum Sidechain to Reduce Network Load

Tether Adds Token on Ethereum Sidechain to Reduce Network Load

Tether, the leading USD-pegged stable coin, has released its token on OMG Network, a Plasma-based blockchain network.

The majority of Tether tokens are supplied on the Thrum network and by far is the largest gas utilizers on the decentralized network.

Announced on Monday, the additional tokens were launched on an Thrum sidechain to boost its performance.

According to Paolo Ardoino, Biting’s CTO, this will turn out to be cost-effective to Tether and will drive performance improvements and relieve pressure on the root chain network.

Formerly known as OmiseGo, OMG Network is based on Plasma, a layer-two solution for overcoming the scaling issues with Thrum blockchain.

Along with Tether on the new network, OMG Network launched the betmain netet of its network as well on Monday.

Ardoino also revealed thaUSDADT on the Plasma network will initially available to the traders on Biting allowing them to react faster on trading opportunities.

A controversial project, yet in high demand

Tether is the most used stable coin globally despite its link with many controversies. The project faced criticism for years for its opaque operation and accused of not maintaining a 1: 1 ratio of USD in its currency chest.

Tether’s name also surfaced in the massive controversy of Biting for hiding a loss of $800 million by taking a line of credit from stable coin coin issuer.

Meanwhile, Tether is continuing to pump more and more stable coins into the market with increasing demand among traders.

fineinex subsidiary even launched Tether Gold, a stable coin backed by the physical yellow metal which are kept in a vault in Switzerland, according to the company.

Notably, Tether is already available in multiblock chainsains including Omni, Ethereum, Tron, EOS, Grandrand.

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