The stablecoin tether (USDT) token is launched on the Avalanche blockchain. That was announced this morning via Medium and Twitter, the Avalanche team.
Another cornerstone for DeFi users comes to Avalanche 🔺
USDT from @Tether_to Launched natively on Avalanche, bringing MCap’s largest stablecoin to support the long-term growth and sustainability of the network https://t.co/mCYXVWkSpC
– Avalanche (AVAX) Spanish 🔺 (@avalanche_esp) November 10, 2021
The news was published by mention Bitfinex, which from now on is the first to support the fast and inexpensive exchange of the native tether token from Avalanche, a decentralized smart contracts platform designed for the size of global finance and business that Tether wants to expand into by taking advantage of the fact that it is a low cost, high performance network.
The introduction of Tether (USDT) at Avalanche is intended to support the long-term growth and sustainability of the Avalanche network. while promoting the use of stablecoins across the DeFi ecosystem, which has seen significant growth over the past year.
An alliance of great illusion
Regarding this message, Tether’s CTO, Paolo ardoino found that they were excited to launch Tether on Avalanche because they offered their large community access to the USDT coin “… the most liquid, stable and reliable stablecoin in the digital token space”. Furthermore, regarding the fact that Ethereum developers can easily and quickly create and launch their projects in Avalanche due to the compatibility with EVM, he added:
“For those who believe in the development of Layer 1 blockchain platforms, Avalanche is an advanced project that provides support for Ethereum virtual machines and could be a major driver for developers looking to port decentralized applications from Ethereum. ”
For his part, from Avalanche, Emin Gün Sirer, Director of the Avalanche Foundation, highlighted USDT as “an essential component for Defi users”, again stated: “Tether has developed into a well-accepted and proven stablecoin with broad support on all exchanges. With Avalanche as a base, it becomes even more powerful. ”
Two winners that shine
Tether (USDT) is the highest-cap stablecoin at more than $ 73 billion, the fifth largest-cap crypto asset, and outperforms all in its sector combined.
Avalanche is a third generation blockchain that runs smart contracts, and it’s growing rapidly, reaching new all-time highs in user activity, including transaction volumes, unique wallet addresses, and assets transferred from Ethereum to Avalanche over the avalanche bridge.
Total Locked Value (TVL) has grown from $ 180 million in early August to more than $ 10 billion today. Your AVAX cryptocurrency, which has been trading at around USD 16 since the beginning of August and is already above USD 90.70 today, with USD 96.92 being its historical maximum.