Tether Launched On Solana To Leverage Low Costs And High Speeds

Tether launched on Solana, the blockchain platform that was designed to compete with Ethereum, according to a press release that we have in our latest Tether crypto news.

The company behind USDT, Tether launched on Solana, and said that the users will be able to exchange USDT at a speed greater than 50,000tx/s for less than $0.00001. Tether is the creator of the largest stableocin in the market and announced its latest partnership with the Solana network. according to a press release, Tether will be integrating USDT into the Solana network to leverage the low costs and the high speeds.

What pushed Tether to put USDT onto the blockchain platform is the promise of the incredible throughput on Solana. Solana is a company that said that it is able to support between 50,000 and 65,000 transactions per second at 400ms block times for fees as low as $0.00001 per transaction. This however can be seen as a huge advance in Tether’s quest for incredibly fast Defi apps.

The founder of Solana Anatoly Yakovenko said that the platform was initially created to support thousands of transactions but with Tether’s support, the blockchain has finally realized its dream:

 “Tether is the lifeblood of DeFi and an important pillar of the crypto community at large. In order for developers to leverage the real potential of Solana, an integration with USDT was absolutely essential.”

While this might not be a huge breakthrough for Tether, as it already exists on EOS, Ethereum, Omni, Algorand, Tron, and OMG, it is huge news for Solana. Despite being young, the blockchain is one of the fastest-growing blockchains by market cap and usage. By integrating Tether’s USDT, it marks a perfect time for the platform during the DeFi craze, as it has already announced partnerships with most popular projects in Defi.

Tether to be the first stablecoin to launch on Solana, an ultra high-speed Layer 1 Blockchain!

The collaboration between #tether and @solana will enable Institutions to trade $USDt at Nasdaq Speeds, confirming USDt’s pivotal role in supporting innovation in the crypto ecosystem. pic.twitter.com/QODNei7DZ8

— Tether (@Tether_to) September 9, 2020

The Serum project last month, which is a cross-chain decentralized exchange that was developed by Alameda Research and FTX, launched on Solana. The platform integrated with key management system Torus and Chainlink which are one of the biggest oracle networks in the entire industry. the CTO of tether Paolo Ardoino, said that the latest partnership with Solana will bring huge benefits for both platform’s ecosystems:

 “Our integration with Solana serves a growing ecosystem of projects that are now getting developed and launched on Solana, Serum being a notable example.”