April 25, 2024

Tether Invests in Developing Omni Protocol Update on Bitcoin Network

Tether, the issuer of the USDT stablecoin, has funded the development of a new version of the Omni protocol on the Bitcoin network— Omni Core 0.7.0.

It is reported that the new version of the protocol will increasenetwork performance and improve its scalability. In addition, thanks to a decentralized exchange, users will be able to exchange any crypto assets for bitcoin.

“Given that Bitcoin is the first blockchain,used by Tether, Omni Core has a high level of security and is an important component,” — Tether technical director Paolo Ardoino commented.

As the company explained, the Omni protocol isa system that operates on the Bitcoin network and allows you to create tokens in a secure network, and the first USDT tokens were placed on the Omni platform, although in recent months new tokens have been issued mainly on Etherreum and Tron.

Omni Core is an advanced Bitcoin Core client that contains all the features of Bitcoin and the advanced features of the Omni protocol.

Recall that in October, Tether completed a transaction in the amount of 300,000,000 USDT as a transfer of tokens from Omni to Ethereum, and over the past three months has issued another $500 million worth of USDT tokens.