Tether USDT Stablecoin Now Live on Solana
Solana becomes the seventh blockchain to issue USDT, after Bitcoin, Ethereum, EOS, Tron, Algorand, and Binance Smart Chain.
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Tether has launched its stablecoin USDT on the Solana blockchain.
USDT Taps Solana’s Performance
Six months after it was first announced, the leading stablecoin USDT is now live on the Solana blockchain.
Tether is currently the number four cryptocurrency by market cap, with a total market capitalization of ~38 billion.
Even though Tether (USDT) is supported on various chains, it has changed the most hands on the Ethereum network.
Ethereum has suffered from record-high transaction fees and network congestion recently, forcing Tether to issue more USDT on other previously-mentioned chains. Now, Solana too joins that list.
Given Solana can scale up to 50,000 TPS and is fairly decentralized with more than 300 validators, it is an enticing alternative to Ethereum.
Tether said in a media release that the Solana integration would enable fast USDT transactions with a fee as low as $0.00001, thousands of times less than on Ethereum.
In return, USDT may also help create increased liquidity and benefit the various DeFi and Web 3.0 projects currently developing in the Solana ecosystem.
Blockchain firm Circle is also working on integrating USD Coin (USDC), the second-largest stable coin, with Solana to benefit from its high performance.