Binance is Switching from Omni to ERC20 USDT Address

Share some Bitpinas love:

July 4, 2019 – Cryptocurrency exchange Binance announces that it will now support ERC-20-based USDT wallet addresses, switching from the old Omni-based addresses that its customers have been using.

There are 2 implementations* of USDT (Tether), one is Omni-based and the other is ERC-20 based. USDT (Omni) is issued by Tether on the BTC network. Its protocol is the Omni layer protocol built on the BTC blockchain. USDT (ERC-20) is based on the ETH network.

Now, Binance is saying that ERC-20-based USDT will be the standard in its exchange. While Omni-based USDT can still be deposited to the old addresses, users cannot withdraw them anymore.

The reason for this change according to Binance is that the ERC-20-based USDT is faster when it comes to withdrawals and deposits and also cheaper. Other exchanges such as Poloniex and Huobi also announced their support for the ethereum-based USDT, claiming that withdrawal and deposit processes are faster.

There will be downtime in Binance at 8:00 am UTC (12:00 pm PHT) to facilitate the change.

*There is also a Tron-based USDT.

This article is first published on BitPinas: Binance is Switching from Omni to ERC20 USDT Address

Share some Bitpinas love:
Follow on social and subscribe to our newsletter
Subscribe
Notify of
guest
1 Comment
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

… [Trackback]

[…] Find More on that Topic: bitpinas.com/news/binance-switching-omni-erc20-usdt-address-2/ […]

BitPinas

BitPinas is the oldest blockchain and cryptocurrency news outlet that covers the Philippine blockchain and crypto scene. We are also writing general and international blockchain topics that are relevant to our audience.