Following the announcement of work with the Avalanche blockchain in May of this year, Tether finally launched the USDT stablecoin on the network.
We’re pleased to announce the launch of Tether tokens (USDt) on Avalanche @avalancheavax
USDt holders can now use the Avalanche network to send Tether USDt to experience low transaction fees that are fractions of a cent.
Find out more ⬇️https://t.co/LfNFprHIUg pic.twitter.com/jUy2nOclxz
— Tether (@Tether_to) November 10, 2021
The launch took place against the backdrop of the explosive growth of the Avalanche ecosystem. Over the past three months, the total locked value in Avalanche-based DeFi protocols has skyrocketed from roughly $ 300 million in August to over $ 10 billion in November, according to DeFi tracker Llama.
Avalanche Foundation Director Emin Gün Sirer called the launch of USDT on Avalanche “an important building block for DeFi users.”
USDT has seen strong gains this year, coinciding with a rally in the cryptocurrency market. According to The Block Data Dashboard, the total stablecoin supply has grown from $ 22 billion earlier this year to the current $ 78 million.
Avalanche-based USDT is directly integrated with Bitfinex, so users can access the stablecoin through the crypto exchange.
Avalanche is the ninth blockchain to support USDT. The other eight blockchains are Algorand, Bitcoin Cash, Ethereum, EOS, Liquid Network, Omni, Tron, and Solana.
Earlier, Tether said it would launch USDT on Polkadot and Kusama networks. In addition, Ardoino stressed that the firm is considering other blockchains, without giving specific names.
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