Tether Tokens Are Now Live On The Solana Blockchain: Report

Tether tokens are now live on the Solana blockchain after the successful integration which is intended to help support a range of projects in Defi and Web 3.
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0 so let’s read more in our latest tether news today.

The stablecoin issuer Tether announced that all tether tokens are now live on Solana and the chief technical officer said that the integration with the Layer 1 blockchain promises to support a huge array of projects in the Defi space as well as web 3.0 and gaming. As reported previously, Solana is a huge competitor to Ethereum with many hopes of drawing DeFi actors into its network while waiting for the full benefits of ETH 2 to kick in.

According to Tether, Solana will enable users to transact USDT with high speed of more than 50,000 transactions per second while claiming that the fees will be as low as $0.00001 each and with the lower costs and high-speed alternative to Ethereum that will provide a new boost of applications and projects in the Defi space. Tether integrated with multiple blockchains alongside ETH like EOS, Omni, TRON, and Liquid Network.

Among the projects that are built on Solana is Serum which is a decentralized derivatives exchange as Camila Russo who is the host of the Defiant Podcast talked with FTX co-founder Sam Bankman Fried who said that Serum chose Solana over Ethereum because of its superior speed and infrastructure:

“We need [a blockchain], like a million times faster than Ethereum.”

Even as the competitors for blockchains continue to proliferate to meet and the needs of the growing Defi sector, most actors believe that ETH 2.0 has key advantages for decentralized applications like Jon Jordan from DappRader. Tether integrated with Hermez as well which has become a very popular platform in periods when gas fees soared on the Ethereum blockchain.

As recently reported, Tether received a ransom request for 500 BTC at the end of February and the deadline passed today with the stablecoin issuer claiming to not have paid. The company was subject to a 500 Bitcoin ransom demand but refused to pay and let the deadline pass according to a Twitter thread today. The ransom demand was set to the company and the person behind it threatened the company with releasing harmful documents that could hurt the BTC Ecosystem if the ransom wasn’t paid.