Share this article
Tether Stablecoin Expands Its Reach to Another Blockchain
Tether has announced the expansion of its USDT token to an eighth blockchain.
Updated Sep 14, 2021, 12:24 p.m. Published Mar 11, 2021, 3:59 p.m. 1 min read
Tether, the world’s largest stablecoin by market value, is now live on the Solana network.
- In an announcement Thursday, Tether CTO Paolo Ardoino said he believes USDT's expansion to its eighth blockchain will support "a dazzling array of projects" in decentralized finance (DeFi), Web 3.0 and blockchain gaming.
- Tether is already live on seven other blockchains – Algorand, BCH, EOS, Ethereum, Liquid Network, Omni and Tron – with a total market cap of at least $37 billion.
- The stablecoin is linked 1:1 to the price of the U.S. dollar and widely used in cryptocurrency markets as a way to quickly move funds to and from assets and platforms without using traditional finance rails.
- There have been controversies over the assets backing tether, with the issuing firm not providing regular professional audits.
- Solana's "high-speed" blockchain will allow holders of USDT to transmit their tokens quickly and cheaply – "often for less than $0.00001 per transaction," according to the announcement.
More For You
"An Agreement has been largely negotiated, subject to finalization between the United States of America, the Islamic Republic of Iran, and the various other Countries," wrote President Trump late Saturday afternoon.
What to know:
- Down sharply earlier Saturday, bitcoin moved to gains on the day after President Trump announced a peace agreement with Iran and other Middle Eastern countries.
- As part of the deal, Trump said, the Strait of Hormuz will be reopened.
Top Stories
