Has Tether’s Flippening Already Occurred? 

• Tether announce USDT is going to other blockchains
• Tether Flippening has already happened?
• Blockstream announce support of liquid USDT

Earlier in 2019, the Tether stablecoin announced that it would be diversifying the presence of its token, USDT. After basing the US dollar-fueled cryptocurrency on Omni, a Bitcoin-based system, for many years now, Tether has come out to say that it would be bringing USDT to other blockchains. 

This comes at a time when TRON and other blockchains have all seen their own versions of the asset, with Ethereum’s ERC-20 copy being the most popular by far. In fact, it got so popular that the amount of USDT based on Ethereum has just surpassed Bitcoin’s Omni. This is a big feat, to say the least!

This has led the community to believe the flippening has aleady happened.

2,023,993,042 USDT on Ethereum
1,775,000,000 USDT on Bitcoin (Omni)

THE TETHER FLIPPENING HAS HAPPENED. https://t.co/5PvkntHGsH

— Shane Fontaine🛡️ (@shanecoin) 29 October 2019

The above statistic might not mean anything in and of itself but many in the cryptocurrency community are convinced that this indicates platforms and traders are starting to prefer transactions on Ethereum’s blockchain over those made over on the Bitcoin-based Omni network. 

As reported by Ethereum World News:

“Bitcoin does have something going for it though: the Liquid Network. Liquid is a Bitcoin sidechain that Blockstream, the San Francisco and Victoria-based Bitcoin development giant; it supports faster transaction settlements, Confidential Transactions, and sophisticated multi-sig security.”

Samson Mow, the Blockstream Chief Strategy Officer, announced that the network would be supporting Liquid USDT. Bitfinex is the main big platform to support this derivative of Tether, in which it provides the same function as the USDT based on Ethereum and Bitcoin.

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!