The Tether (USDT) token is set to launch in Avalanche’s DeFi ecosystem, providing another avenue for users to access the stablecoin
Stablecoin issuer Tether will launch its USDT tokens on the Avalanche network, which will become the ninth blockchain the stablecoin operates on. The launch is expected to take place by next month.
In a press release yesterday, Avalanche wrote “Tether Operations Limited (“Tether”), the company operating the blockchain-enabled platform tether.to that powers the largest stablecoin by market capitalization, will launch Tether tokens (“USDT”) on Avalanche, an open-source platform for launching highly decentralized applications, new financial primitives and interoperable blockchains.”
Once launched, Avalanche will be one of nine networks to host the USDT stablecoin. The tokens are already available on Ethereum, EOS, Liquid Network, Omni, Tron, Algorand, Bitcoin Cash’s Simple Ledger Protocol, and Solana.
Ethereum remains the most popular blockchain for USDT tokens. However, the network’s high gas fees have made USDT tokens more popular on other blockchains such as Tron. Currently, the USDT supply on the Tron blockchain has surpassed Ethereum ($31 billion to $27 billion.)
Paolo Ardoino, CTO at Tether, said, “We are delighted to initiate USDT’s launch on Avalanche. 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.”
Tether remains the largest stablecoin in the world despite its numerous controversies in the past. An external audit conducted earlier this year proved that the USDT tokens are fully backed by fiat currencies.
Emin Gün Sirer, Director of the Avalanche Foundation, commented that having the USDT token launch natively in Avalanche is a win for the expanding DeFi ecosystem on the platform.