Tether CTO Paolo Ardoino said the company plans to launch USDT stablecoin on the Avalanche blockchain. This will be the ninth network with USDT support.
The launch of the stablecoin on the Avalanche blockchain is scheduled for mid-June. Thus, USDT will operate on nine blockchains: Algorand, Avalanche, Simple Ledger Protocol (Bitcoin Cash), Ethereum, EOS, Liquid Network, Omni, Tron, and Solana. The company has no plans to launch USDT anywhere else on the network, Ardoino said. Tether’s CTO noted:
“The popularity of Avalanche continues to grow. This blockchain has support for the Ethereum Virtual Machine (EVM), which allows decentralized finance projects to migrate from Ethereum to Avalanche with ease. The fees on the Avalanche network are much lower. In addition, it will be enough for us to simply run USDT on this blockchain, since we already have a proven solution that is compatible with EVM. ”
Recently, the amount of USDT circulating on the Tron blockchain surpassed that of the Ethereum network. Currently, USDT is in circulation in the Tron blockchain for $ 31 billion, while in the Ethereum network – $ 27 billion.This is due to a significant increase in the size of commissions in the second cryptocurrency network due to the significant load. According to Ardoino, the trend will continue until Ethereum developers manage to reduce the average commission size.
Recall that earlier this month, Tether, for the first time since the launch of the USDT stablecoin in 2014, disclosed detailed information about the assets that provide the token issuance. The founder and CEO of Avanti Financial expressed the opinion that Tether’s disclosure of stablecoin reserves may have contributed to the latest decline in cryptocurrencies.
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