YouHodler is now offering withdrawal and deposit services for Tether (USDT) in both ERC20 token and Omni Protocol form. Before today, YouHodler just offered USDT linked to Bitcoin's Omni layer. Ethereum-based USDT and Bitcoin-based USDT formations are considered two different currencies that run on two separate blockchains. At the moment, USDT is the seventh most popular coin with a market cap of $4.05 billion.
YouHodler CEO Ilya Volkov states that by introducing ERC20 Tether, YouHodler is making its platform more inclusive for retail and institutional Tether HODLers.
“Having Tether is an important aspect of any thriving blockchain environment. With this latest addition of Ethereum-based USDT, YouHodler is creating a new opportunity to adopt new blockchain technologies, specifically in regards to the Ethereum network. This announcement is just another display of YouHodler’s commitment to our users, providing them with more convenient and useful crypto-related products for their benefit. “
USDT-Omni is based on the Bitcoin network. Its deposit address is that of the BTC address as well as the deposit and withdrawal functions also use the BTC netowork. The protocol of USDT-Omni is based on the BTC blockchain network. USDT-ERC20, on the other hand, is based on the ETH network. Its deposit address is the ETH address and both deposit and withdrawal use ETH networks.
This latest announcement will be particularly useful to Binance exchange users. Binance exchange exclusively uses USDT-ERC20, meaning Binance users now can deposit and withdraw USDT for their crypto loans quickly and easily from Binance to YouHodler without error.