A few hours ago the Tether (USDT) stablecoin announced the migration to Liquid Network thanks to a collaboration with Blockstream.
On a quest towards improved interoperability, it is with great pleasure that we announce support for Tether on the Liquid Network. @Blockstream https://t.co/8ONZZmbo0j pic.twitter.com/DivzX1ujZV
— Tether (@Tether_to) July 29, 2019
Liquid was created as an additional layer of the Bitcoin blockchain for greater flexibility and to be able to move large volumes at high speed, as stated by Blockstream’s CSO, Samson Mow:
“The addition of Tether is a major milestone in increasing the utility of the Liquid Network,” said Samson Mow, CSO at Blockstream. “In combination with the latest developments in the Liquid ecosystem, traders can now achieve some really cool things, such as OTC atomic swaps, super-fast arbitrage between exchanges, and easy Tether custody with Blockstream Green.”
It was a natural decision to implement Tether on Liquid Network, said Tether’s CTO, Paolo Ardoino:
“It has been a natural decision to deploy Tether on the Liquid Network given the fantastic work that the Blockstream team is achieving. Issuing stablecoins and various other digital assets under one blockchain platform makes a lot of sense and greatly improves industry efficiency whilst allowing traders to manage all their assets from a single wallet application.”
The benefits that Tether will derive from this solution include instant, secure and confidential transactions, also thanks to the new Green Wallet, which provides an optimal solution for professional traders. It will also be possible to make withdrawals and deposits of Liquid USDT on the Bitfinex exchange by using the token pegged to bitcoin, L-BTC.
Tether thus shows that it does not want to stop its spread across other blockchains: just 2 weeks ago it announced that it had landed on the Algorand blockchain and has just exceeded $4 billion of capitalisation. At this point, therefore, Tether is on Omni, TRON, Liquid, EOS, Ethereum and Algorand.