Tether has announced that its stable coin, $USDT, is now available on the Avalanche network.
Months after the initial plans to expand the USDT stable coin support to Avalanche blockchain, popular stable coin issuer Tether has launched its dollar-pegged cryptocurrency on the eco-friendly network.
With the Avalanche launch, users can now transfer the largest stable coin by market cap at a lower cost, instantaneously. Tether’s CTO, Paolo Ardoino adds:
“We’re excited to launch USDT on Avalanche, offering its growing and vibrant community access to the most liquid, stable, and trusted stable coin in the digital token space.”
The integration on Avalanche would contribute to the growth and sustainability of the network while fostering the usage of stable coins across the DeFi ecosystem.
“USDT on Avalanche is an essential building block for DeFi users,” Emin Gün Sirer, Director of the Avalanche Foundation, said.
Why The Avalanche Network?
Tether chose to launch its stable coin on Avalanche because the network is one of the biggest blockchains at the moment, offering users lots of opportunities, such as faster settlement, low-cost transactions, and a platform to build and host decentralized applications.
Avalanche is an open-source network that allows decentralized application developers to deploy dApps without incurring high costs in the process.
The Avalanche team combines both Ethereum Virtual Machine (EVM) compatibility and Solidify to speed up transactions and enable Ethereum developers to move their applications over to the network, Ardoino added.
