Bittrex Shifts Tether to Ethereum: What You Need to Know

What Happened?

On August 5, Bittrex, the American cryptocurrency exchange, rolled out the red carpet for Tether (USDT) by switching from the OMNI-based implementation to the more modern ERC-20 standard on the Ethereum network. After shutting down USDT deposits and withdrawals temporarily for the migration, they’re back in business. So, if you were wondering where your USDT went, it’s back, and it’s feeling a lot more stylish!

Why the Switch?

Bittrex had its reasons for this transition, prioritizing the mantra: “Quicker, cheaper, and more interoperable transfers.” Does that sound like a marketing slogan? Maybe, but it’s the real deal! Lower withdrawal fees of just 1 USDT give users a little extra cash to buy that overpriced avocado toast. Additionally, there’s more flexibility as Bittrex states that once this swap is fully completed, sending USDT from Omni network addresses will be a no-go to Bittrex, while the reverse is also true. No more crossing streams—keep it on Ethereum!

Tether’s Broader Migration

This move doesn’t operate in a vacuum—Tether has been busy relocating across different blockchains, like a digital nomad chasing better Wi-Fi. On July 29, Tether announced a new home on BlockStream’s Liquid Network sidechain. Who knew Tether was such a free spirit, roaming blockchain ecosystems like it’s on a world tour?

Other Exchanges Joining the Bandwagon

But Bittrex isn’t the only exchange pulling up stakes. Huobi also made waves in mid-July, announcing that it would transition its HUSD token from its current setup to the ERC-20 standard, partnering with crypto startups to ensure everything runs smoothly. This new HUSD will be backed by someone who knows how to keep things safe—the New York State Department of Financial Services-regulated custodian, Paxos. Be on the lookout for this freshly minted HUSD Token!

Bittrex Ranking in the Crypto World

As it stands, Bittrex is sitting pretty as the 78th largest cryptocurrency exchange by reported trade volume, according to CoinMarketCap. Let’s just say they’re not scaling the heights of Mount Olympus, but they’re definitely above sea level in the bustling crypto scene. So, with Tether on Ethereum and other exchanges making similar moves, it’s clear that adaptation is key in the ever-evolving universe of cryptocurrencies.