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Tether, the largest stablecoin by market capitalization, announced the launch of Tether based on the Avalanche blockchain protocol. The stablecoin tether has launched countless blockchain networks, and the number of tethers in circulation today exceeds 74.8 billion.
Tether published on Avalanche
On Wednesday, Tether Operations Limited (USDT) Announced USDT Avalanche (AVAX). Cryptocurrency exchange Bitfinex also revealed that it will support Avalanche-native USDT Tokens on the exchange.
Avalanche (AVAX) is a smart contract platform that is compatible with the blockchain protocol Ethereum (Ethereum). The company explained on Wednesday: “The token launched by Tether on Avalanche is designed to support the long-term growth and sustainability of the Avalanche network, while promoting the use of stablecoins throughout the defi ecosystem.”
“USDT Emin Gün Sirer, head of the Avalanche Foundation, explained in a statement. “Tether has become a widely accepted, time-tested stablecoin and has been widely supported by the entire exchange. Based on Avalanche, it will become even stronger,” the director of the Avalanche Foundation added.
In the past 30 days, the value of native assets on the Avalanche chain (AVAX) has increased by 59.9%, and so far this year, the value of AVAX has increased by 2,554%.Statistics from defi dashboard of defillama.com It shows that the total value of Avalanche locked in the defi agreement today is 10.45 billion U.S. dollars.
Tethered Keep transparency page Please note that as of November 10, 2021, there are approximately 74,863,439,905 tethers (USDT) exist. “We are happy to launch USDT On Avalanche, its evolving and vibrant community provides an opportunity to obtain the most liquid, stable and trustworthy stablecoin in the field of digital tokens,” Paolo Ardoino, CTO of Tether said in the announcement .
Tether has been issued on the blockchain network, such as Omni Layer, Ethereum, Algorand, Bitcoin Cash, EOS, Liquid, Solana and Tron.
“For those who believe in the development of a layer 1 blockchain platform, Avalanche represents an evolutionary project with Ethereum virtual machine compatibility, and may become important for developers who wish to port decentralized applications from Ethereum Driving force,” Ardoino added.
The second largest stablecoin by market value, the US Dollar Coin (USDC) is also planned to be issued on countless different blockchain networks. The market valuation of USDC is approximately 34.6 billion U.S. dollars, while today’s stablecoin is valued at 145 billion U.S. dollars.
Two tethers (USDT) And U.S. dollar coins (USDC) dominate the market in terms of market capitalization. Today, tethers in circulation account for 51% of the world USD 145 billion stable currency economy.
What do you think of the stablecoin tether (USDT) Start on the Avalanche network? Please tell us your thoughts on this topic in the comments section below.
Image Source: Shutterstock, Pixabay, Wiki Commons, AVAX logo,
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