Tether tokens are coming to Avalanche, one of the most widely used blockchains in decentralized finance (DeFi).
The integration of Tether on Avalanche
This integration will be possible directly with Bitfinex. The exchange will allow its users to access USDT almost instantly and with lower fees.
Avalanche has become one of the most widely used layer 1 blockchains in the DeFi industry, with a TVL of nearly $270 billion across 40 DEXs and lending protocols.
Tether, on the other hand, is firmly at the top of the stablecoin league table, with nearly $74 billion in market cap.
They explain from Tether:
“Tether is excited to announce the launch of Tether tokens on Avalanche which will work with the ecosystem of DeFi applications and builders rapidly growing on the network”.
The announcement of the launch of USDT tokens on Avalanche was made in May. Finally, this possibility becomes a reality now.
Tether explores DeFi
Avalanche presents itself as an eco-friendly and low-cost blockchain, particularly used to build dApps. Its ecosystem boasts solid, well-established projects, including SushiSwap, Chainlink, Circle and The Graph. Applications on Avalanche garner over $8.2 billion in locked value.
With the integration of Tether, USDT will target decentralized finance and the many applications and use cases that leverage Avalanche.
Avalanche on the rise
This is an exciting time for Avalanche. In recent days, a $200 million fund called Blizzard was announced to finance the growth of the blockchain. The aim of the fund is to focus on three sectors:
- enterprise applications,
Emin Gün Sirer, director of the Avalanche Foundation, explained:
“The last two months have shown incredible growth across Avalanche, with users, assets, and applications joining the community in record-highs. Blizzard will play a key role in further accelerating this growth, and solidifying Avalanche’s position as the premiere home for projects and people pioneering the next era in our space”.
This buzz has also led to a rise in the price of the AVAX token, which has been rallying in recent days. It has risen 56% in the past month, and has jumped 28% in the past seven days. It is currently trading at $91, down from the $96 ATH reached on November 8.
Tether, market cap on the rise
For its part, Tether continues to grow in market capitalization. It is one step closer to reaching $74 billion, while increasing use cases and integrations as evidenced by the support that will now come from Avalanche.
This allows it to expand its ecosystem. Tether is already present on other blockchains such as Algorand, Bitcoin Cash’s Simple Ledger Protocol (SLP), Ethereum, EOS, Liquid Network, Omni, Tron and Solana.