Tether Operations Limited (“Tether”), the company operating the blockchain-enabled platform tether.to that powers the largest stablecoin by market capitalization, has launched Tether tokens (“USDt”) on Avalanche, a decentralized smart contracts platform built for the scale of global finance and business.
Avalanche is designed to be a low cost, high performing network, built to scale with the evolution of blockchain technology. Builders can launch their projects quickly on Avalanche, and with EVM compatibility, Ethereum developers can build and launch dapps with ease. 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
“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. “.
“USDt on Avalanche is an essential building block for DeFi users,” says Emin Gün Sirer, Director of the Avalanche Foundation. “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.”
USDt is the pre-eminent stablecoin with a market capitalization of over $73B, having added $47B since January 1, 2021, a gain that is greater than the combined market capitalization of all rival stablecoins, combined.
Avalanche is growing at a rapid pace, hitting new all-time highs in user activity, including transaction volume, unique wallet addresses, and assets transferred from Ethereum to Avalanche over the Avalanche Bridge ($5.9B). Total Value Locked (TVL) has increased from $180M in early August to over $10B today, according to data from DeFi Llama.
Tether is the preeminent stablecoin with the biggest market capitalization, surpassing that of all rival offerings combined. Created in October 2014, Tether has grown to become the most traded cryptocurrency. Tether is disrupting the legacy financial system by offering a more modern approach to money. By introducing fiat currency-digital cash to the bitcoin, Ethereum, EOS, Liquid Network, Omni, Tron, Algorand and Solana blockchains, Tether makes a significant contribution to a more connected ecosystem. Tether combines digital currency benefits, such as instant global transactions, with traditional currency benefits, such as price stability. With a commitment to transparency and compliance, Tether is a fast and low-cost way to transact with money.
Avalanche is the fastest smart contracts platform in the blockchain industry, as measured by time-to-finality, and has the most validators securing its activity of any proof-of-stake protocol. Avalanche is blazingly fast, low cost, and green. Any smart contract-enabled application can outperform its competition by deploying on Avalanche. Don’t believe it? Try Avalanche today.