The stablecoin issuer USDT Tether has announced support for the Avalanche blockchain.
We’re pleased to announce that Tether tokens (USDt) will be available on Avalanche @avalancheavax, an open-source platform for launching highly decentralized applications, new financial primitives and new interoperable blockchains.
Find out more⬇️https://t.co/e6wmwey6Ey pic.twitter.com/gUVwSC3Ot6
— Tether (@Tether_to) May 17, 2021
USDT is already running on Algorand, Simple Ledger Protocol, Ethereum, EOS, Liquid Network, Omni, Tron, and Solana. The launch of the stablecoin on the Avalanche network is expected in mid-June 2021, Tether CTO Paolo Ardoino told The Block.
According to him, high fees in Ethereum pushed the company to alternative solutions. The CTO did not rule out that the trend will continue if the situation does not change.
In September 2020, the Avalanche mainnet was launched and the AVAX token was listed on the Binance exchange. Then the creators of the project estimated the network bandwidth at 4500 TPS.
In February 2021, ChainSafe developers created a “bridge” between the Avalanche and Ethereum blockchains to move the DeFi assets of the two ecosystems.
In April, the capitalization of USDT exceeded $ 50 billion. Tether’s dominance index among stablecoins was 66%.
In May, the company announced that cash and cash equivalents formed 76% of the reserves of Tether Holdings Limited.
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