The Large Crypto Exchange Binance Is Set to Switch Tether Addresses from Omni to ERC-20
According to an official announcement published on July 3, 2019, the large cryptocurrency exchange Binance is switching from Omni-based addresses to ERC-20-based addresses in its wallets for the cryptocurrency Tether (USDT).
Tether is a stablecoin, which is a cryptocurrency whose value is relatively stable over time. Tether is the stablecoin of US dollar, and its value over time has been equal to one US dollar, a little higher or lower at times, but mostly close to one US dollar.
Binance stated that in order to make this change, all Tether transactions will be down for 30 minutes in Binance wallets. This change will begin on July 4.
The ERC-20 standard of addresses has been developed by Ethereum, and from now on it will be the standard address for Tether.
Another crypto exchange named Poloniex also stated its support for the ERC-20-based addresses.
According to a report by Poloniex, making transactions using the Ethereum ERC-20 addresses is faster and cheaper than Omni-based addresses.
Other crypto exchanges had previously shown their support for the Ethereum ERC-20 standard. In February of this year, Huobi also stated its support for the ERC-20 Tether addresses.