The most popular stablecoin in the ecosystem will arrive on the Avalanche Blockchain in June. With that, USDT will run on a total of 9 blockchains, including Polkadot and Solana.
The company behind the stablecoin most popular on the market, Tether, announced plans to expand its currency USDT to network Blockchain from Avalanche.
As reported by the media The Block, USDT pegged stablecoin expected to hit the grid Avalanche by the middle of next month. This was advanced by the CTO of Tether, Paolo Ardoino, in an interview with the aforementioned news portal.
The development team of Avalanche, Ava Labs, also shared the news in a statement through his official blog. “We are delighted to kick off the USDt launch on AvalancheArdoino commented in the statement.
USDT Coming to Avalanche in June
As reported Daily bitcoin, in recent months, Tether has been expanding its digital currency to multiple networks Blockchain. Last month, USDT announced that it would become the first stablecoin to operate on the Blockchain from Polkadot and its testnet (testnet), Kusama.
Now, once launched on the network Avalanche, USDT will run on a total of nine blockchains, including Bitcoin Cash, Ethereum, EOS, Liquid Network, Omni, Tron Y Solana.
One of the main reasons for the energetic expansion of USDT to other networks Blockchain has been the increase in transaction fees within the network Ethereum. A study from March this year revealed that the network Ethereum housed 70% of the total stablecoin supply Tether; however, these figures have changed in recent months.
As reported The Block, the increase in the rates of Ethereum has caused USDT to become very popular on other blockchains. Between them, Tron seems to be outperforming Ethereum in terms of supplies for the first time. According to data from The Block Research, the current supply of USDT in Tron is USD $ 31 billion, while in Ethereum, is around USD $ 27 billion.
In search of greater scalability
In your quest for increased scalability, the decision to Tether to expand into the ecosystem of Avalanche It makes a lot of sense. Released last year, Avalanche is a decentralized platform for smart contracts designed as a highly scalable ecosystem with the goal of providing instant low-end transactions under a penny on the dollar.
Notably, the popular DeFi protocol SushiSwap (SUSHI), originally based on the network Ethereum, also decided in March to expand to Avalanche amid rising transaction fees within Ethereum.
About, Ardoino highlighted that Avalanche will offer an option “fast and profitable”For the transfer of the stablecoin.
Launching USDT on Avalanche will provide traders with a fast and profitable way to transfer USDT through different exchanges. Avalanche’s vision of a highly scalable Blockchain with low transaction fees and interoperability has been endorsed by some of the brightest minds in the space.
The CTO also commented to The Block what if the gas rates of Ethereum continue to remain high, the trend of expansion to other networks may continue. Although, when asked about the association with other networks, he said that the company has no other chains in its sights at the moment.
Hannah Estefanía Pérez’s version / Daily bitcoin
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Stablecoin Tether (USDT) expands to Avalanche network