Victor Ugochukwu · Dec 14, 2020 . 5min read
Tether Stablecoin launches on Solana Blockchain
With this development, Tether stablecoin is now available on atleast 8 Layer 1 blockchains including Solana.
By Victor Ugochukwu · Sep 10, 2020 . 5min read
Tether, the stablecoin is making plans on launching on another network and this time around it’s Solana, a new blockchain.
In a recent blog post, Tether shares the news that USDT holders will be able to leverage Solana’s high speed to exchange/transfer their stablecoin at a very minimal cost.
According to Solana, USDt holders will be able to exchange USDt at speeds greater than 50,000 transactions per second – often for less than $0.00001 per transaction – on the Solana network
With this development, Tether stablecoin is now available on at least 8 Layer 1 blockchains including Solana. This is not counting its recent support for Omisego, a layer 2 solution. Tether is also making plans to start supporting the trustless zk-Rollups which is another sidechain on Ethereum like Omisego.
The stablecoin minter has been pushing aggressively to keep serving its growing demand. Tether’s usage has grown considerably in 2020, reflecting hugely in its market cap. Tether recently touched USD 14 billion in market cap, making it the third most capitalized digital asset. Even more, as predicted by Tether CTO, Paolo Adroino that stablecoins will drive the boundaries of DeFi further, this prediction comes through.
Moreover, as DeFi keeps booming with increased demand for stablecoins like USDT, there’s a corresponding need for faster settlement times. This is presently not feasible with Eth 1.0, which shows congestion and a horrific spike in transaction costs.
Solana blockchain onboarding Tether and other industry heavyweights
The new Solana blockchain network seems fit to be onboarding industry heavyweights, especially with Tether coming on board. Asides Tether, Project Serum, a decentralized exchange backed by FTX and managed by Sam Bankman-Fried has also debuted on it. Torus, a cryptographic key management system and Chainlink, the industry champion in decentralized oracle service has even hinted on their interest in Solana.
For now, Tether mints across Algorand, Ethereum, EOS, Liquid Network, Omni, Tron and Bitcoin Cash’s Standard Ledger Protocol.
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