USD Tether launches on Avalanche as network grows
USD Tether, the largest stablecoin in terms of market capitalization, has been launched on the Avalanche network, a decentralized smart contracts platform that has been growing in strength in recent months.
Avalanche is designed as a highly scalable ecosystem, to deliver near-instant transaction confirmation while charging very low transaction fees. It is built in such a way that it is compatible with Ethereum smart contracts and tooling, which enables Ethereum developers to quickly build high-performance decentralized apps (DApps). Tether’s token’s launch on Avalanche will aim to support the long-term growth and sustainability of the Avalanche network while driving stablecoin usage across the DeFi ecosystem. USDT has been launching on many blockchain networks all over the crypto industry and it has become the stablecoin of choice in almost all these networks though USDC is also a strong competitor in the race. Stablecoins are likely to outlive the utility of other cryptos in the long run and it is expected that the competition would finally come down to the CBDCs and stablecoins for mainstream usage.
“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”.
Avalanche has been growing at a rapid pace, hitting new all-time highs in user activity, including transaction volume, unique addresses (which is now over 670,000), and assets transferred from Ethereum to Avalanche over the Avalanche Bridge ($5.9 billion). Total Value Locked (TVL) has increased from $300 million in August to over $10 billion today.
The aim of crypto industry is to ensure that the transfers that happen within the various networks should happen as close to real-time as possible so that they can match the other digital methods of payment and also improve the user experience as well. This is one of the main requirements that crypto users expect from the various networks and USDT has been striving to achieve the same across the various networks that it operates on.