Paolo Ardoino, the CTO of Tether, declared on Thursday that the USDT token is now part of Solana’s blockchain as well. He thinks USDT’s extension to an eighth blockchain will be of great help to projects of DeFi, blockchain gaming, and Web 3.0.
Solana is one of the direct rivals of Ethereum. According to the announcement made by Tether, Solana’s blockchain USDT transfers will be made at a speed higher than 50,000 transactions per second.
Another good news for users is the fact that these transactions will have minor costs ($0.00001 each), making Solana a better choice than Ethereum for everyone that is aiming to build applications or create other projects in DeFi.
Tether is a type of cryptocurrency called stablecoin that aims to keep valuations stable and not affected by market swings. Tether is the most popular stablecoin, with a market capitalization of over $37 billion.
The first stablecoin was launched on the Bitcoin blockchain via a platform used for creating and trading digital assets of Bitcoin, called Omni Layer protocol. Thanks to Omni, Tether’s ledger is deposited on the Bitcoin blockchain, and the Omni Explorer grants users to view their transactions there.
Tether is currently available on seven blockchains: Bitcoin, Ethereum, BCH, Liquid Network, Omni, Tron, and EOS. Its purpose is to permit the generation of new assets on each one of these cryptocurrencies’ blockchains.
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