Largest Stablecoin by Market Cap Tether Launches on the Avalanche Network
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 today there’s more than 74.8 billion tethers in circulation today.
Tether Launches on Avalanche
On Wednesday, Tether Operations Limited, the firm that issues the stablecoin asset tether (USDT) has announced the launch of USDT on Avalanche (AVAX). The crypto exchange Bitfinex has also revealed it will support Avalanche-native USDT tokens on the exchange.
Avalanche (AVAX) is a smart contract platform that is both compatible and a competitor of the blockchain protocol Ethereum (ETH). “Tether’s token’s launch on Avalanche will aim to support the long-term growth and sustainability of the Avalanche network while driving stablecoin usage across the defi ecosystem,” the company explained on Wednesday.
“USDT on Avalanche is an essential building block for DeFi users,” Emin Gün Sirer, the director of the Avalanche Foundation explained in a statement. “Tether has become a well-accepted, time-tested stablecoin with extensive support throughout exchanges. It will be even more powerful with Avalanche as its foundation,” the Avalanche Foundation director added.
Over the last 30 days, the native asset on the Avalanche chain (AVAX) has increased in value by 59.9%, and year-to-date, AVAX has swelled by 2,554% in value. Statistics from defillama.com’s defi dashboard show Avalanche has $10.45 billion total value locked in defi protocols today.
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 space,” Paolo Ardoino, the CTO at Tether remarked during the announcement.
Tether is already issued on blockchain networks such as Omni Layer, Ethereum, Algorand, Bitcoin Cash, EOS, Liquid, Solana, and Tron.
“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,” Ardoino added.
The second-largest stablecoin by market capitalization, usd coin (USDC) also has plans to be issued on a myriad of different blockchain networks. USDC has a market valuation of around $34.6 billion and there’s $145 billion in stablecoins today.
Both tether (USDT) and usd coin (USDC) dominate the market in terms of market capitalization. Today, the tethers in circulation represent 51% of the $145 billion stablecoin economy.
What do you think about the stablecoin tether (USDT) launching on the Avalanche network? Let us know what you think about this subject in the comments section below.
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