Tether Operations Limited (“Tether”), the company operating the blockchain-enabled platform tether.to that powers the largest stablecoin by market capitalization, will launch Tether tokens (“USDt”) on Avalanche, an open-source platform for launching highly decentralized applications, new financial primitives and interoperable blockchains.
Avalanche is a decentralized smart contracts platform built for the scale of global finance. The protocol is designed as a highly scalable ecosystem with the aim of delivering near-instant transaction finality while levying low transaction fees that are fractions of a cent.
Avalanche is compatible with Solidity, a high-level object-oriented programming language, primarily used on Ethereum. This enables Ethereum developers to quickly build decentralized apps (DApps).
“We are delighted to initiate USDt’s launch on Avalanche,” said Paolo Ardoino, CTO at Tether. “The launch of USDt on Avalanche will provide traders with a fast, cost-effective way to transfer USDt across different exchanges. Avalanche’s vision for a highly scalable blockchain with low transaction fees and interoperability has been endorsed by some of the brightest minds in the space.”
USDt is the largest stablecoin with a market capitalization of US $58 billion, having added US$37 billion since January 1, 2021, a gain that is greater than the combined market capitalization of all rival stablecoins, combined.
“You can count on one hand how many projects have been vital to the growth of crypto thus far, and Tether is absolutely in that rare tier,” said Emin Gün Sirer, Director of the Avalanche Foundation. “Having USDt launch natively in Avalanche adds another core infrastructure to the rapidly expanding DeFi ecosystem on the platform. It will be a welcome addition to users and developers propelling this continued growth.”
Decentralized finance (DeFi) activity on Avalanche has boomed since the launch of the Avalanche-Ethereum Bridge (AEB) in February. Since the launch, users have executed more than 2 million smart contract transactions and created 100,000 unique addresses.