During an interview published on Youtube a few hours ago, Roger Ver reveals that Tether’s USDT will be stored and transferred on the Bitcoin Cash blockchain as well. The Bitfinex stablecoin Tether will soon be tokenized thanks to the SLP protocol.
With some satisfaction Ver says:
“A little bird told me that tether is about to be launched on the Bitcoin Cash blockchain”.
Thanks to the possibility to tokenize assets with SLP tokens, it will be possible to generate colored coins on Bitcoin Cash, which are alternative currencies that can be created and exchanged by Bitcoin Cash users on the network, paying fees in BCH.
Formerly known as RealCoin, Tether was established in 2014, making it the world’s first stablecoin.
It is a cryptocurrency that leverages generalized accounting technology to enable individuals and organizations to store, send and receive digital tokens pegged to the dollar, euro and yen, globally, instantly and securely.
There was no doubt that sooner or later Tether would take advantage of this new opportunity to expand its USDT user base on Bitcoin Cash.
Tether was initially able to operate on Bitcoin’s blockchain thanks to Omni layer, formerly known as Mastercoin, an overlapping network capable of supporting the exchange of tokens.
Now the largest number of transactions takes place thanks to the Ethereum blockchain that is home to the collateralized stablecoin.
Tether overwhelmingly dominates the current stablecoin scene. It is the most used by primary exchanges in the industry such as Bitfinex, ShapeShift, Bittrex, Binance and Poloniex.
It has proven to be particularly attractive for exchanges that do not offer fiat currency exchange to customers.
In 2017, Tether saw a rapid increase in volume on Poloniex, playing a key role in making it the market leader for a short time.
Tether and dApps
In the last two years, USDT has been relying on several blockchains, which means that the representation of the dollar is available on various chains, but it refers to the same underlying backing of the Bitfinex company.
- Sidechain Liquid from Bitcoin;
- Soon Bitcoin Cash.
The surge in market capitalization is mainly due to the adoption by players using Tether as a risk management and hedging tool.
Speculation is facilitated by the use of these representative tokens which are often used to sell cryptocurrencies with a FIAT exchange rate without having to cash out.
The arrival of dApps has recently seen the use of the stablecoin as a representative currency for FIAT within applications that need a stable cryptocurrency for trading.
It seems that only DAI on Ethereum is able to question the power of the Tether dollar by offering a less centralized stablecoin.