EToro to Issue Debit Cards Starting Q2 2020

23m
cointelegraph

It’s All About $7,400 for Bitcoin Price as a Big Move Is Now Imminent

36m
cointelegraph

Bitcoin, Ether, and XRP Weekly Market Update December 9, 2019

41m
cryptonewmedia

10 Key Things to Consider When Choosing a Crypto Exchange

1h
cointelegraph

What the Patriots’ Rare Loss to the Chiefs Proves About the AFC Playoff Race

1h
cryptonewmedia

South Korea Could Tax Crypto Transactions Soon

1h
cryptodaily

Bitcoin Scaling Layer Lightning Network “Works Like a...

1h
newsbtc

Ethereum Price and Technical Market Analysis 9th December 2019

1h
bitcoinnews

Bakkt Rolls Out Cash-Settled Futures And Regulated Bitcoin Options Contracts

1h
zycrypto

China’s Central Bank to Test Its Digital Currency With Commercial Banks, Telecom Firms: Repot

2h
cryptoglobe

Binance Futures Hits $2.7B All-Time High as Firm Adds Futures on iOS

2h
cointelegraph

Ripple is All Set to Boost Financial Inclusion Globally

2h
cryptocurrencynews

Logarithmic Growth Curve Charts Bitcoin Price At $170K in 2028

2h
newsbtc

What Happened To Bitcoin’s Promised Influx Of Institutional Investors?

2h
cryptonewmedia

EOS Price Hit after Getting a C- in Decentralization by Weiss

3h
newsbtc

Former Tinder Exec Swipes Right These Three Crypto Startups

3h
newsbtc

Price Analysis 09/12: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, XTZ

3h
cointelegraph

Analysts Claim Indirect Investment in Cryptocurrency and Blockchain helps Manage Massive Risks

3h
cryptonewmedia

Bitcoin Price Continues to Follow Bearish Pattern: Bloomberg

3h
utoday

Huobi’s US-Based Crypto Trading Platform HBUS Ceases Operations

3h
cointelegraph

Maker (MKR) at risk of losing over $340 million in DAI collateral. Here’s how

4h
coingape

Simplex Adds Support for Japanese Yen and Canadian Dollar

4h
cryptonewmedia

Crypto Price Action Sports Uncanny Resemblance to Bitcoin Bear Market...

4h
newsbtc

Bitcoin near the moon! Node just installed on Space Station ISS!

4h
thebitcoinnews

Bakkt Launches CFTC-Regulated Bitcoin Options Contracts and Cash-Settled Futures

4h
cryptoglobe


Converting USDT Between Different Chains Remains Problematic

nulltx

4mon ago

Stablecoins continue to play an increasing role of importance in the crypto industry. Particularly Tether’s USDT remains one of the most prominent offerings. SinpleSwap now lets users convert USDT in between all the supported chains this asset is issued on. An interesting option, although it is unclear how useful it will be.

For those unaware, Tether’s USDT can be found across multiple blockchains. It was first issued on OMNI, which still remains the main source. Later on, USDT also arrived on Ethereum’s and Tron’s blockchains. This creates an interesting albeit somewhat problematic situation.

To this day, it was not possible to convert USDT between these three blockchains. None of the exchanges or trading platforms provide such an option. Somewhat strange, considering most platforms support tokens issued on either Ethereum or Tron. SimpleSwap is now the first to let users swap between different chains at no cost. An interesting feature, albeit one still has to trust an unknown third-party service provider.

Given the negative public perception Tether has to contend with, a solution of this kind could do wonders. If the issuer of USDT would allow users to convert between chains at no fees, the ERC and TRX-based versions would become more popular. There is no genuine reason for the company to not provide this type of service.

Why such a service did not exist until recently, is anyone’s guess. It is evident that there would be a demand for a solution like this. Users are now forced to convert to and from OMNI, Tron, or Ethereum-based USDT to USD and back to the token they would like to own. Removing unnecessary steps from the equation is in everybody’s best interest.

Albeit the demand for such a service is somewhat obvious, the Ethereum- and Tron-based versions of USDT are not as popular. Very few trading platforms seem to support these versions at this time. As such, it remains to be seen if a service like this will get many people excited at this time.

As is usually the case, niche markets will thrive sooner or later. Since Tether decided to issue this asset on multiple chains, it is their duty to support it properly. Right now, that is not possible. As such, third-party service providers have a new business opportunity to explore. It remains to be seen how exchanges and other trading platforms respond to this challenge.

Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.

Image(s): Shutterstock.com

Regarding any copyrights issue, please contact us:content@hashbee.com.

0 comments