Popular stablecoin issuer, Tether, has recently announced that it will launch its USDT stablecoin on the Avalanche blockchain.
The firm noted that the upcoming launch of USDT on Avalanche would provide traders with a faster and more cost-effective way to transfer the stablecoin, given the enormous opportunities associated with the Avalanche network.
Avalanche is an open-source platform designed to launch decentralized applications (dApps) and enhance the global finance industry.
The platform uses Solidity, a high-level object-oriented programming language to expedite transactions and dApps development.
Although no date has been set for the official launch, it is expected that the stablecoin will go live on Avalanche later this year.
Commenting on the development, Emin Gün Sirer, Director of the Avalanche Foundation, said the role Tether played toward the growth of cryptocurrencies cannot be overemphasized, adding that its launch on Avalanche would draw the network closer to its DeFi vision.
“Having USDt launch natively in Avalanche adds another core infrastructure to the rapidly expanding DeFi ecosystem on the platform. It will be a welcome addition to users and developers propelling this continued growth,” Sirer added.
Tether USDT on an Expansion Spree
Since the largest stablecoin went live in October 2014, it has successfully launched on seven different blockchains, including Ethereum, Algorand, Bitcoin Cash’s Simple Ledger Protocol (SLP), EOS, Liquid Network, Omni, Tron, and Solana.
Tether is also making plans to launch on Polkadot and its experimental cousin network Kusama later this year to further increase its transaction speed and lower costs.
If Tether’s USDT planned launch on Polkadot, Kusama, and Avalanche goes through, Tether will be available on 11 blockchains.
Ethereum Remains Popular Among USDT Users
Despite being live on several blockchains, the Ethereum network remains a popular network for USDT traders.
However, users are gradually adopting USDT hosted on other blockchains, especially Tron based on the high gas fees required to process transactions on Ethereum.
Coinfomania reported last year that Tether partnered with a third-party cryptocurrency exchange to move $1 billion worth of USDT from Tron to Ethereum blockchain.
Coingecko data shows that Tether has a market capitalization of more than $58 billion at the time of writing, making it the largest stablecoin in the market.
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