Tether (USDT/USD) Operations Limited, the company behind the biggest stablecoin by market cap, which also runs the blockchain-enabled platform tether.to, announced the launch of Tether tokens on Avalanche (AVAX/USD), a decentralised smart contracts platform developed to support global finance and business, Invezz learned from a press release.
Highly scalable ecosystem
Avalanche is a highly scalable ecosystem with low transaction fees, which delivers near-instant transaction finality. Ethereum (ETH/USD) developers can create reliable dApps on it because it is compatible with Ethereum smart contracts.
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Tether’s launch on Avalanche will drive stablecoin usage across the DeFi ecosystem and support the long-term growth and sustainability of the Avalanche network at the same time. Paolo Ardoino, CTO at Tether, commented the launch:
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. For those who believe in the development of Layer-1 blockchain platforms, Avalanche represents an evolved project that boasts Ethereum Virtual Machine compatibility and could be an essential driver for developers looking to port decentralized applications over from Ethereum.
Emin Gün Sirer, Director of the Avalanche Foundation, added:
USDt on Avalanche is an essential building block for DeFi users. Tether has become a well-accepted, time-tested stablecoin with extensive support throughout exchanges. It will be even more powerful with Avalanche as its foundation.
AVAX has hit a new ATH in user activity
The rapidly growing ecosystem has hit new all-time highs in user activity, including unique addresses (now over 670,000), transaction volume, and assets transferred over the Avalanche Bridge ($5.9 billion) from Ethereum to Avalanche. According to data from DeFi Llama, its TVL has grown from $300 million in August 2021 to over $10 billion now.
USDt market cap is over $73B
Tether is the mother of all stablecoins with an impressive market cap exceeding $73 billion. It has added $47 billion to this number this year, a gain that’s bigger than all rival stablecoins’ combined market cap.
Tether works across Solana (SOL/USD), Tron (TRX/USD), Omni, EOS (EOS/USD), Algorand (ALGO/USD), and many other blockchains. It was created to empower and support innovation and ventures in the blockchain space.
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