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BTC $43274.63 (1.50%)
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BCH $512.93 (-0.1%)
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LTC $151.74 (0.04%)
BNB $348.02 (-0.6%)
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DOGE $0.20 (-0.8%)

Tether (USDT) Becomes First Stablecoin to Arrive on Solana

Tether (USDT) Becomes First Stablecoin to Arrive on Solana

Fiat-pegged Tether (USDT) is the first stablecoin to be launched on Solana, an ultra-high-speed Layer 1 blockchain. This will allow users to conduct faster transactions and build cheaper DeFi applications.

According to Solana’s blog, through its network, USDT holders will be able to exchange the stablecoin at a much greater speed of more than 50,000 transactions per second, charging less than $0.00001 per transaction.

Driven by the top two challenges within the DeFi market— speed and costs — the stablecoin’s integration aims to open up new opportunities and use cases for stablecoins within the DeFi ecosystem. Notably, Tether is one of the most widely-used stablecoins in the DeFi sector.

Prior to this, Tether is already a part of Algorand, Ethereum, EOS, Liquid Network, Omni, Tron, and Bitcoin Cash’s Standard Ledger Protocol.

Solana also tweeted about the significance of this strategic initiative:

Stablecorp Inc., the firm behind the Canadian dollar stablecoin (QCAD), is excited about this recent partnership and how it will turn out as “Solana has been called “10,000 times faster and 1,000,000 times cheaper than Ethereum.”

Nevertheless, critics are always on the other side of the table. Among them is self-proclaimed technical analyst Mr Parabolic (@iLiquidatebots) who said that the decision to launch USDT is a “misfire” by Solana.

As of press time, the price movement of USDT remains to be stable, without any significant changes. It is still ranked third, following Bitcoin and Ethereum, among cryptocurrencies with the largest market capitalization.

An aspiring journalist who spills her ideas in cryptocurrency and blockchain-related matters. With her background in Communication and Journalism, she is more inclined to write about reality than fiction.