Tether introduces USDT stablecoin on Avalanche blockchain
Tether launched its USDT stablecoin on the Avalanche blockchain after first announcing support in May.
This event occurs as the Avalanche ecosystem is growing at a rapid pace. Total Value Locked (TVL) in Avalanche-based DeFi protocols has increased dramatically in the past three months, according to DeFi tracker Llama – from around $ 300 million in August to more than $ 10 billion today.
USDT on Avalanche could drive that growth even further as stablecoins play an essential role in the DeFi market. Traders use stablecoins to swap (swap) and lend tokens to generate high returns from the DeFi platform.
Emin Gün Sirer, director of the Avalanche Foundation, called the introduction of USDT on Avalanche “a necessary building block for DeFi users”.
USDT also saw strong growth this year, along with the recovery in the crypto market. The total supply of stablecoins has grown from around $ 22 billion earlier this year to around $ 78 billion today.
The avalanche-based USDT has also been integrated directly into Bitfinex so that users can access the stablecoin via the exchange. Paolo Ardoino, CTO of Tether, said users can deposit USDT on other blockchains as well and exchange them for USDT on Avalanche.
Avalanche is the ninth blockchain USDT currently supports. The other eight blockchains are Algorand, the Simple Ledger Protocol from Bitcoin Cash, Ethereum, EOS, Liquid Network, Omni, Tron and Solana.
Earlier this year, Tether announced that it would also introduce USDT on the Polkadot and Kusama networks. Ardoino said the company is considering adding blockchains in the near future, but didn’t provide a specific name.
CENTER is also reportedly looking to support more blockchains for its USDC stablecoins, including Avalanche and Polkadot. USDC is currently available on six networks: Algorand, Ethereum, Hedera, Solana, Stellar, and TRON. In fact, CENTER wants to create a “global stablecoin network”.
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According to The Block