by Monomita Chakraborty
May 18, 2021
Tether (USDT) has gone live on the Avalanche blockchain.
Tether, a famous stablecoin issuer, recently revealed that its USDT stablecoin would be launched on the Avalanche blockchain, making it the ninth blockchain network it drives on.
Given the vast opportunities associated with the Avalanche network, the firm believes that the upcoming release of USDT on Avalanche would provide traders with a quicker and more convenient way to transfer the stablecoin.
According to The Block, USDT’s launch on the Avalanche network is expected in mid-June, Tether CTO Paolo Ardoino told The Block. Once launched, the stablecoin would work on nine blockchains: Algorand, Avalanche, Bitcoin Cash’s Simple Ledger Protocol, Ethereum, EOS, Liquid Network, Omni, Tron, and Solana.
Avalanche is a decentralized smart contract framework designed for global finance’s scale. The protocol is intended to be a massively scalable ecosystem that provides immediate transaction certainty while charging fractions of a cent in transaction fees.
Solidity, a greater object-oriented programming language mainly used on Ethereum, is adaptable with Avalanche. This allows Ethereum designers to develop decentralized apps (DApps) effectively.
Currently, Tether is the most widely traded cryptocurrency. Tether, which is commonly abbreviated as USDT, is a stable currency that can be exchanged for US dollars. Tether combines the advantages of digital currencies, such as instant global payments, with the advantages of conventional currencies, such as price stability. Tether is a quick and minimal way to transfer money, with a promise of transparency and enforcement.
Ava Labs has released Avalanche, a new platform that enables everyone to create their own multi-functional blockchains and decentralized applications (DApps) with ease. It uses many technologies to overcome some of the shortcomings of older blockchain systems, such as slow transaction rates, centralization, and expandability.
As per a report of Bankless Times, “We are delighted to initiate USDt’s launch on Avalanche,” said Paolo Ardoino, CTO at Tether. “The launch of USDt on Avalanche will provide traders with a fast, cost-effective way to transfer USDt across different exchanges. Avalanche’s vision for a highly scalable blockchain with low transaction fees and interoperability has been endorsed by some of the brightest minds in the space.”
“You can count on one hand how many projects have been vital to the growth of crypto thus far, and Tether is absolutely in that rare tier,” said Emin Gün Sirer, Director of the Avalanche Foundation. “Having USDt launch natively on 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.”
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