- Tether (USDT) to go live on the ninth network, the Avalanche blockchain.
- AVAX has reacted positively with a price surge of 5 percent in the last 24 hours to trade at $36.
Tether, a stablecoin issuer has revealed plans to launch on the Avalanche network. This is an open-source platform for building and launching decentralized applications and new interoperable blockchains.
According to the CTO Paolo Ardoino, the launch will be executed by mid-June.
We’re pleased to announce that Tether tokens (USDt) will be available on Avalanche @avalancheavax, an open-source platform for launching highly decentralized applications, new financial primitives and new interoperable blockchains.
— Tether (@Tether_to) May 17, 2021
This means the launch of USDT on the network will enable traders to enjoy a fast and cost-effective transfer of USDT on the various trading projects and decentralized exchanges.
Tether in a statement said:
Avalanche has emerged as a hub in the nascent space of decentralized finance (DeFi). Avalanche is compatible with Solidity, a high-level object-oriented programming language, primarily used on Ethereum. This enables Ethereum developers to quickly build decentralized apps (DApps).
Tether taps into different blockchains
The Avalanche network will be the 9th network Tether has been launched on. The other networks include the Bitcoin Cash network, Algorand network, Tron network, EOS network, Liquid network, OMG network and Omni network.
A key strength of Tether is that it is underpinned by a rich diversity of different blockchains.
The leading stablecoin issuer is slowly moving away from the Ethereum network due to the rising network fees.
Tether supply has surged by 175 percent since the beginning of the year, from a total of 21 billion to 58.5 billion. The TRC-20 Tron network currently has more of the USDT supply of 31 billion after surpassing Ethereum. A total of 1.3 billion of the supply is on Omni, and the rest is scattered across EOS, Bitcoin Cash Simple Ledger Protocol, Solana, Liquid, and Algorand.
AVAX price update
Avalanche (AVAX) has reacted positively with a price surge of over 5 percent in the last 24 hours. The digital asset is now trading above $36 as it looks to reach its ATH of $60 set back in February. However, despite the price gain, the asset has seen a significant drop in volume. With less than half a billion recorded in daily transactions, this is a drop of more than 25 percent.