The stablecoin will go live on its ninth blockchain, Avalanche, serving the project's DeFi ecosystem.
Key Takeaways
- Tether (USDT) will go live on the Avalanche blockchain.
- This is the ninth blockchain that USDT has been launched on, following its initial launch on Bitcoin's Omni layer.
- Tether is the largest stablecoin on the market with a capitalization of $59 billion, but it remains controversial.
Tether’s USDT stablecoin is about to go live on the Avalanche blockchain, according to a press release from both projects.
Avalanche Will Support USDT
Avalanche is a blockchain with a focus on supporting decentralized applications, interoperable blockchains, and financial primitives.
Tether noted that it has chosen to launch USDT on Avalanche due to its efficiency and scalability, calling the platform “a fast, cost-effective way to transfer USDT across different exchanges,” drawing attention to its interoperability and low transaction fees.
Meanwhile, Emin Gün Sirer of Avalanche has noted that USDT on Avalanche will add “another core infrastructure to [our] rapidly expanding DeFi ecosystem” and that the stablecoin will be a “welcome addition” to users and developers.
Tether is popular on exchanges as it provides users with a convenient way to cash out their holdings for a dollar-pegged cash equivalent without the need to go through traditional financial avenues.
Other Tether Blockchains
USDT is the largest stablecoin on the market and the seventh largest cryptocurrency overall, boasting a market cap of $59 billion.
Initially launched on Bitcoin’s Omni chain, USDT’s popularity has led it to go live on several blockchains including Bitcoin Cash’s SLP, Ethereum, TRON, EOS, the Liquid Network, Algorand (ALGO) and Solana (SOL). It also plans to launch on Polkadot and Kusama (pDOTn/USD and KSM).
Despite Tether’s prominence, it is often criticized for its arguably inadequate audits and its use in illicit trading activity.