Tether has launched USDt tokens on the Solana blockchain too.
This is a very fast blockchain, capable of supporting up to 50,000 transactions per second, with fees of less than one-thousandth of a dollar per transaction.
The aim is to facilitate the development of high-speed, low-cost applications, including DeFi applications.
In fact, many of the transactions that are recorded every day on the Ethereum blockchain, for example, involve the sending of USDt tokens, the most widely used stablecoin on the crypto markets.
Indeed, in terms of trading volumes on exchanges, USDt dominates, with over $100 billion traded per day, compared to BTC’s $64 billion and ETH’s $31 billion. Thus, the dollar volume of USDt traded daily is more than three times that of ETH.
After Tron, EOS, Bitcoin Cash’s Simple Ledger Protocol (SLP), Algorand and Liquid, Tether is now adding Solana to the list of blockchains that support USDt, alongside the main blockchain on which Tether is used: Ethereum.
The projects of Tether on Solana
Should a massive volume of USDt transactions move from the Ethereum blockchain to these alternative blockchains, congestion on the Ethereum network itself could probably also be significantly reduced.
The CTO of Tether, Paolo Ardoino, said:
“This integration with Solana will help to support a dazzling array of projects, including those in DeFi, Web3 and blockchain gaming. We look forward to serving the growing ecosystem of projects being developed on Solana as Tether cements its pivotal role in the digital token ecosystem”.
After the largely successful conclusion of the lawsuit filed by the New York Attorney General against Tether, USDt appears to have further strengthened its leading role among the stablecoins in the crypto market, so much so that its market capitalization is still growing, having even crossed the $37 billion mark. Just a month ago it was at less than 30 billion, and a year ago it was less than 5 billion.