Tether (USDT) has been familiar with Omni platform of blockchain. However, it has several disadvantages such as:
- Slow transaction speed
- High transaction fee. Currently, the fee of 1 USDT withdrawal to another wallet is 5 $, peaking at nearly 50 $.
Soon realized that these disadvantages greatly affected traders, Tether, the USDT issuer has issued USDT on the platform ERC20, USDT ERC20.
The most basic difference is that USDT ERC20 uses the common, standard Ethereum platform and USDT Omni has used Bitcoin's blockchain. Because the two platforms are completely different, the USDT ERC20 will not be able to switch to the Omni wallet like the regular USDT, and the opposite direction as well. However, the price of USDT ERC20 and USDT remains the same, there is no difference and is still anchored to the US dollar (USD).
Sencoinex has upgraded all of the USDT addresses of customers to Ethereum wallet format of 0x ...... whileas the old USDT wallet will be like Bitcoin: 1 …………………
User should carefully differentiate to avoid unfortunate loss when making transactions. This change is currently only applied to the USDT, others remain the same.
We will announce if there is a change / update in the future.