Bitfinex’s Tether (USDT) stablecoin is now available on the OMG Network, a plasma-based Ethereum sidechain launched on June 1 by the project formerly known as OmiseGo.
The integration, also announced on June 1, marks the first time that Tether integrated an Ethereum sidechain to boost its performance. Tether is by far the largest “gas guzzler” on the Ethereum network at 8,900 ETH (about $1.84 million) in fees spent last month, according to ETH Gas Station. This is more than the next five protocols combined, one of which is reportedly a Ponzi scheme.