CryptoNews

The USDT Stablecoin from Tether will be available on Avalanche

The stablecoin will launch on Avalanche, the project’s ninth blockchain, which will serve the project’s DeFi ecosystem.

According to a press release from both campaigns, Tether‘s USDT stablecoin is about to go live on the Avalanche blockchain.

USDT Will Be Assisted by Avalanche

Avalanche is a decentralized application platform that supports interoperable blockchains and financial primitives.

Tether said that it selected Avalanche to launch USDT because of its reliability and scalability, describing the network as a quick and cost-effective way to move USDT between exchanges. He emphasized the system’s interoperability and low processing costs.

Meanwhile, Avalanche CEO Emin Gün Sirer said that USDT on Avalanche would “bring another key infrastructure to [our] rapidly growing DeFi ecosystem” and that the stablecoin would be a “welcome addition” for users and developers.

Tether is a common cryptocurrency on exchanges because it allows users to cash out their holdings for a dollar-pegged cash equivalent without going through conventional banking channels.

Tether Blockchains from Other Countries

With a market cap of $59 billion, USDT is the highest stablecoin on the market and the seventh-largest cryptocurrency overall.

USDT was first introduced on Bitcoin’s Omni chain, but its success has since expanded to include Bitcoin Cash’s SLP, Ethereum, TRON, EOS, the Liquid Network, Algorand, and Solana. Polkadot and Kusama are also on the way.

Despite its popularity, Tether is often chastised for allegedly insufficient audits and its use of illegal trade.

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