- Tether introduced its Tokens (USDt) on a DeFi platform, Avalanche.
- USDt on Avalanche is aimed to allow traders to transfer USDt across different exchanges and DeFi platforms.
Tether launched its USDT stablecoin on Avalanche, a decentralized finance platform. USDT works across various blockchains such as Algorand, Ethereum, Bitcoin Cash’s Simple Ledger Protocol (SLP), EOS, Omni, Tron, Liquid Network, and Solana.
USDT on Avalanche will allow traders to transfer USDT across different exchanges and trading platforms in a fast and cost-effective way. In other words, USDT’s launch on Avalanche could help boost the growth as stablecoins play a vital role in the DeFi market. Traders use stablecoins to swap tokens and to lend them out to earn high profits from DeFi platforms.
Tether Operations Limited said that the release of tether tokens (USDT) on Avalanche would strengthen the Avalanche network in long-term growth and sustainability. The company also declared that the crypto exchange Bitfinex users would be able to purchase and sell USDT quickly and at much lesser fees than they currently pay.
Paolo Ardoino, Tether CTO, expressed that the company “was excited” to offer the Avalanche community access to the stablecoin. He also said that – “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 is a decentralized smart contract platform built for the scale of global finance. This highly scalable Avalanche ecosystem is also compatible with Ethereum smart contracts and tooling. Last week, Avalanche announced a $200M Fund to Accelerate Ecosystem Development growth of Decentralized finance(DeFi), enterprise application, NFTs, and culture application.
Tether, which has a market capitalization of $73 billion, in October, partnered with Notabene for Cross Border Stablecoin Transfers to combat money laundering and crime in cross-border VASP-to-VASP transactions.