According to Bitfinex, the move will help USDT become a lot more efficient, with both withdrawals and deposits. The time it takes to confirm the transaction and also the fees charged, will significantly reduce. Bitfinex’s CTO, Paolo Ardoino, also highlights this point, saying:
“…by migrating USDT value transfers to the OMG Network we save costs, drive performance improvements and relieve pressure on the root chain network. This is good for Bitfinex and our customers, and the whole Ethereum ecosystem.”
Formerly known as OmiseGO, the OMG Network is a layer-2 solution which is non-custodial and supports scaling on Ethereum.