Blockchain company Tether announced that it will provide its stablecoin tokens as native assets in the stable smart contract platform Avalanche, which has been widely used last year. Avalanche has an ever-evolving decentralized financial (defi) ecosystem. Therefore, this release is likely to improve its status and provide users with a formal and safe parking method and mortgage their assets on Avalanche.

The tether will be launched on an avalanche

Tether is the company that issues USDT. USDT is one of the most popular stablecoin tokens in the cryptocurrency market. The company announced that it is in the early stages of launching USDT on the smart contract platform Avalanche.

Although it is still a young blockchain launched last year, Avalanche is growing very fast. It is now the top 50 cryptocurrency, has a prosperous defi environment, and has moved huge financial data. Avalanche is also compatible with Solidity, so blockchain developers can easily port their applications to the ETH ecosystem quickly.

Paolo Ardoino, Tether’s chief technology officer, said that they are happy to launch their stablecoin assets on the Avalanche chain. Ardoino said:

The launch of USDT on Avalanche will provide traders with a fast, cost-effective way to transfer USDT between different exchanges. Some of the smartest people in the field endorse Avalanche’s vision of a highly scalable blockchain with low transaction fees and interoperability.

The head of the Avalanche Foundation, Emin Gün Sirer, also talked about the importance of this release for users of the currency. Gün Sirer announced:

USDT was launched locally in Avalanche, adding another core infrastructure to the rapidly expanding Defi ecosystem on the platform. It will promote the continued growth of users and developers, which will be a welcome move for users and developers.

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Multi-currency method

Although Tether was mainly launched using the Omni protocol, which is burdened by the Bitcoin (BTC) blockchain, it has now changed mainly due to fees and expansion-related reasons. With the development of the cryptocurrency world, due to the rise of defi-based platforms, other chains have begun to experience prosperous activities, and Tether’s stablecoin has joined this ecosystem.

Now, the tether itself exists in multiple chains. Take a quick look at their transparent page and declare on that page that it is fully released, thus fully showing the current status of Tether’s release. USDT now exists in the Omni of Ethereum. Tron, EOS, Liquid, Algorand, Bitcoin Cash and Solana. But this is not all.

According to Bscscan, Tether can also be used in non-local chains, such as Binance Smart Chain as a fixed token, which is worth $3 billion at the time of writing and has more than 400,000 holders. Tether will definitely keep up with this cross-chain trend, and will expand to more places in related blockchains in the future.

What do you think of USDT’s ideas published on Avalanche? Tell us in the comments section below.

Tags in this story

ava, Avalanche, Avalanche Foundation, Avalanche Vision, Bitcoin, Blockchain, Cryptocurrency, EminGün Sirer, Paolo Ardoino, Tether, Tether, USDT

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