The central theses
- Tether (USDT) goes live on the Avalanche blockchain.
- This is the ninth blockchain that USDT was launched on after first launching at Bitcoin’s omni level.
- Tether is the largest stable coin on the market with a capitalization of $ 59 billion, but it remains controversial.
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According to a press release from both projects, Tether’s USDT stablecoin will go live on the Avalanche blockchain.
Avalanche will support USDT
Avalanche is a blockchain with a focus on supporting decentralized applications, interoperable blockchains and basic financial elements.
Tether noted that it chose to roll out USDT on Avalanche because of its efficiency and scalability, calling the platform “a fast and inexpensive way to move USDT across multiple exchanges”. He drew attention to the interoperability and low transaction fees.
Meanwhile, Avalanche’s Emin Gün Sirer has determined that USDT on Avalanche will “add another core infrastructure [our] fast growing DeFi ecosystem ”and that the stablecoin will be a“ welcome addition ”for users and developers.
Tether is popular on exchanges because it provides a convenient way for users to cash out their holdings for dollar-pegged cash equivalent without going through traditional financial channels.
Other tether blockchains
USDT is the largest stable coin on the market and the seventh largest overall cryptocurrency with a market cap of $ 59 billion.
USDT was originally introduced in Bitcoin’s omni chain. Because of its popularity, it has gone live on several blockchains including SLP, Ethereum, TRON, EOS, Liquid Network, Algorand, and Solana by Bitcoin Cash. There are also plans to launch on Polkadot and Kusama.
Despite Tether’s notoriety, it is often criticized for its arguably inadequate testing and use in illicit trading activities.
Disclaimer: At the time of writing, this author held less than $ 75 in Bitcoin, Ethereum, and Altcoins and no Tether (USDT).
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