Tether stablecoin launches on OMG Network as Ethereum is 'vulnerable to severe network congestion'

Tether (USDT), the largest stablecoin by market capitalization, has been integrated into the OMG Network (formerly OmiseGO).

The integration will result in reduced transaction confirmation times and fees, Bitfinex announced on Monday. The exchange will enable USDT deposits and withdrawals on the OMG Network.

Vansa Chatikavanij, CEO of OMG Network, said the network supports “thousands of transactions per second at a third of the cost of the same transaction on Ethereum.” The OMG Network is a non-custodial, Layer-2 scaling solution for transferring value on Ethereum.

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Bitfinex said Ethereum is "vulnerable to severe network congestion" when it is under heavy demand. Ethereum’s total transaction throughput is capped at approximately 12 transactions per second (TPS). When transaction demand exceeds 12 TPS, settlement time increases,