Tether's USDT Stablecoin Will Go Live on Avalanche

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.” He drew 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 it led to go live on several blockchains including Bitcoin Cash’s SLP, Ethereum, TRON, EOS, the Liquid Network, Algorand, and Solana. It also plans to launch on Polkadot and Kusama.

Despite Tether’s prominence, it is often criticized for its arguably inadequate audits and its use in illicit trading activity.

Disclaimer: At the time of writing this author held less than $75 of Bitcoin, Ethereum, and altcoins, and no Tether (USDT).

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Source: Read Full Article