Months after indicating plans to expand the USDT stablecoin support to Avalanche blockchain, popular stablecoin issuer Tether has finally launched its dollar-pegged cryptocurrency on the eco-friendly network.
USDT Now Available on Avalanche
With USDT launching on Avalanche, users can now transfer the largest stablecoin by market capitalization at a relatively lower cost, and the transactions will be settled instantly, as Tether’s CTO, 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.”
Notably, Tether’s USDT integration on Avalanche would contribute to the growth and sustainability of the network, as well as foster the usage of stablecoins across the DeFi ecosystem.
“USDT on Avalanche is an essential building block for DeFi users,” Emin Gün Sirer, Director of the Avalanche Foundation, said.
Tether chose to launch its stablecoin on Avalanche because the network is one of the biggest blockchains at the moment, offering users lots of opportunities, such as faster settlement, low-cost transactions, and a platform to build and host decentralized applications.
Avalanche is an open-source network that allows decentralized application developers to deploy dApps easily without incurring high costs in the process.
The Avalanche team combines both Ethereum Virtual Machine (EVM) compatibility and Solidify to expedite transactions and enable Ethereum developers to move their applications over to the network, Ardoino added.
Tether’s Expansion Spree Continues
Tether’s USDT is currently the largest stablecoin in the industry, with a market capitalization of $75.2 billion. The coin is also ranked as the fourth-largest cryptocurrency, according to data from CoinGecko.
Despite its tremendous growth and widespread adoption, Tether Operations Limited, the company behind the stablecoin, is not looking to slow down the expansion of USDT support across diverse blockchains.
At the moment, USDT operates on 14 blockchains, including Ethereum, Solana, Algorand, Omni, and Binance Smart Chain (BSC), among others.
The stablecoin issuer is still considering going live on more DLT networks in the near future. As reported in April, Tether indicated intentions to launch USDT on Polkadot and Kusama blockchains, taking advantage of the networks’ parachain feature.