The largest stablecoin by market capitalization, tether has announced the launch of tethers on the Avalanche blockchain protocol. The stablecoin tether has launched a myriad of blockchain networks and immediately there are greater than 74.8 billion tethers in circulation immediately.
Tether Launches on Avalanche blockchain
On Wednesday, Tether Operations Limited, the agency that issues the stablecoin asset tether (USDT) has introduced the launch of USDT on Avalanche (AVAX). The crypto exchange Bitfinex has also revealed it’s going to assist Avalanche-native USDT tokens on the exchange.
Avalanche is a smart contract platform that’s both compatible and a competitor of the blockchain protocol Ethereum (ETH). “Tether’s token’s launch on Avalanche will intention to help the long-term development and sustainability of the Avalanche community whereas driving stablecoin utilization throughout the defi ecosystem,” the company defined on Wednesday.
“USDT on Avalanche is a vital constructing block for DeFi users,” Emin Gün Sirer, the director of the Avalanche Foundation explained in a statement. “Tether has turn out to be a well-accepted, time-tested stablecoin with in-depth support all through exchanges. It is going to be much more powerful with Avalanche as its foundation,” the Avalanche Foundation director added.
During the last 30 days, the native asset on the Avalanche chain (AVAX) has elevated in worth by 59.9%, and year-to-date, AVAX has swelled by 2,554% in worth. Statistics from defillama.com’s defi dashboard present Avalanche has $10.45 billion total value locked in defi protocols immediately.
Tether’s reserve transparency page notes that as of November 10, 2021, there’s approximately 74,863,439,905 tether (USDT) in existence. “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 area,” Paolo Ardoino, the CTO at Tether remarked in the course of the announcement.
“For those who imagine in the growth of Layer-1 blockchain platforms Avalanche represents an evolved venture that boasts Ethereum Virtual Machine compatibility and might be a vital driver for builders seeking to port decentralized functions over from Ethereum,” Ardoino added.
The second-largest stablecoin by market capitalization, the USD Coin (USDC) also has plans to be issued on a myriad of various blockchain networks. USDC has a market valuation of around $34.6 billion and there’s $145 billion in stablecoins immediately.
Source: Bitcoin News