USDt stablecoin set to launch on Avalanche platform
Avalanche, a blockchain-based layer 1 smart contracts platform for decentralized organizations, announced a partnership with Tether Limited, the organization behind the biggest stablecoin, USDt. Tether, linked to USD with a 1:1 price ratio, will launch on the Avalanche platform.
USDt on Avalanche
Avalanche announced that USDt coins on Avalanche "is an essential building block for DeFi users." Furthermore, as a consequence of the partnership, users of Bitfinex, a cryptocurrency exchange, will be able to buy, sell, or convert USDt at a lower fee than they pay on other exchanges."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," said Paolo Ardoino, CTO at Tether. "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."Considering the strong foundations of Tether with a market cap of more than $94 billion and its dominating performance in the year 2021, the USDt token has attracted a lot of partnerships as well as regulators.
"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," said Emin Gün Sirer, Director of the Avalanche Foundation
Tether and Avalanche continue to dominate DeFi
Tether recently launched its stablecoin USDt on Kusama, Solana, and Polkadot. It is already live on several other blockchain-based platforms like Algorand, Omni, Tron, Ethereum, and EOS. The stablecoin's market capitalization has surged by $47 billion since the start of the year, which is more than the market cap of all rival stablecoins combined.On the other hand, Avalanche has also seen widespread adoption, with over 670,000 unique addresses currently active on the decentralized network's platform.
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