Tether’s Expansion Continues With USDT Going Live On Avalanche

Tether’s expansion continues to grow as now USDT went live on Avalanche Network so let’s find out more in our latest Tether news.

Months after indicating the plans to expand the USDT stablecoin support to the Avalanche blockchain, stablecoin issuer Tether finally launched USDT on the eco-friendly network. With USDT launching on Avalanche, the users can transfer the biggest stablecoin by market cap at a low cost and the transaction will be settled almost instantly as Paolo Ardoino explained:

“We’re excited to launch USDT on Avalanche, offering its growing and vibrant community access to the most liquid, stable, and trusted stablecoin in the digital token space.”

Tether’s expansion continues with the Avalanche integration which should also contribute to the sustainability of the network as well as foster the usage of stablecoins in the entire ecosystem. Emin Gun Sirer, the director of Avalanche Foundation noted:

“USDT on Avalanche is an essential building block for DeFi users.”

Tether decided to launch its stablecoin on Avalanche because the network is considered as one of the biggest blockchains that offer users lots of opportunities like fast settlement times, low-cost transactions, and a platform to create and host decentralized applications. Avalanche is an open-source network that allows decentralized application developers to deploy the dapps without the high costs in the process.

The Avalanche team combined both Etherreum Virtual Machine compatibility and Solidify to boost transaction time and to enable Ethereum developers to move their applications onto the network. USDT is now the biggest stablecoin in the industry with a market cap of $75.2 billion and the coin is also ranked as the fourth biggest crypto according to the data from CoinGecko. Despite its huge growth and widespread adoption, Tether Operations Limited as the company behind the stablecoin is not looking to slow down its growth across other blockchains. At the moment, USDT operates on 14 blockchains including Omni, Algornd, Solana, Ethereum, and Binance Smart Chain.

The stablecoin issuer is still considering going live on more DLT networks in the future as Tether indicated more intentions to launch on Polkadot and Kusama in order to take advantage of their parachain features.