HomeCryptoStable CoinTether targets DeFi and arrives on Avalanche

Tether targets DeFi and arrives on Avalanche

Tether has landed on the Avalanche blockchain. Avalanche is an open-source platform for launching decentralized applications (dApps), focused on DeFi. 

Its strength is its ability to be very scalable, providing instant transactions with very low fees, in the order of fractions of a cent.

In addition, Avalanche is compatible with Solidity, one of the most advanced programming languages used to build dApps on the Ethereum blockchain.

These are the features that have allowed Avalanche’s blockchain to become a benchmark for decentralized finance. Activity exploded just as it enabled the bridge with Ethereum, from February. Since launch, more than 2 million smart contract transactions have been executed and 92,000 unique addresses have been created.

Tether on Avalanche

Paolo Ardoino, CTO of Tether, stated:

“We are delighted to initiate USDt’s launch on Avalanche,” said Paolo Ardoino, CTO at Tether. “The launch of USDt on Avalanche will provide traders with a fast, cost-effective way to transfer USDt across different exchanges. Avalanche’s vision for a highly scalable blockchain with low transaction fees and interoperability has been endorsed by some of the brightest minds in the space”.

Emin Gün Sirer, director of the Avalanche Foundation, added:

“You can count on one hand how many projects have been vital to the growth of crypto thus far, and Tether is absolutely in that rare tier,” said Emin Gün Sirer, Director of the Avalanche Foundation. “Having USDt launch natively in Avalanche adds another core infrastructure to the rapidly expanding DeFi ecosystem on the platform. It will be a welcome addition to users and developers propelling this continued growth”.

This is certainly an important milestone for Avalanche. It will be able to host the most widely used stablecoin on the market, which not only recently surpassed 50 billion in capitalization, but has now reached 58 billion. This is a tremendous leap forward for Tether, which has added an impressive $37 billion to its market cap since 1 January. 

Tether, with the landing on Avalanche, becomes even more transversal. The stablecoin already uses other blockchains such as Algorand, the Simple Ledger Protocol (SLP) of Bitcoin Cash, Ethereum, EOS, Liquid Network, Omni, Tron and Solana.

Eleonora Spagnolo
Eleonora Spagnolo
Journalist passionate about the web and the digital world. She graduated with honours in Multimedia Publishing at the University La Sapienza in Rome and completed a master's degree in Web and Social Media Marketing.