The largest stablecoin by market capitalization, tether has announced the launch of tethers on the Avalanche blockchain protocol. The stablecoin tether has launched a myriad of blockchain networks and today there are over 74.8 billion tether in circulation today.
Tether Launches on Avalanche
On Wednesday, Tether Operations Limited, the firm that issues the stablecoin asset tether (USDT) has announced the launch of USDT on Avalanche (AVAX). The crypto exchange Bitfinex has also revealed that it will support Avalanche’s native USDT tokens on the exchange.
Avalanche (AVAX) is a smart contract platform that is both compatible and a competitor of the blockchain protocol Ethereum (ETH). “The launch of Tether’s token on Avalanche will aim to support the long-term growth and sustainability of the Avalanche network while promoting the use of stablecoins in the challenge ecosystem,” the company explained Wednesday.
“USDT on Avalanche is an essential building block for DeFi users,” Emin Gün Sirer, the director of the Avalanche Foundation explained in a statement. “Tether has become a well accepted and proven stablecoin with extensive support throughout the trade. It will be even more powerful with Avalanche as its foundation,” the Avalanche Foundation director added.
During the last 30 days, the Native Avalanche Chain (AVAX) asset has increased in value by 59.9%, and since the start of the year, AVAX has swelled by 2,554%. Statistics from defillama.com’s defi dashboard show Avalanche has $10.45 billion total value locked in defi protocols today.
The Tether Reserve Transparency page says that as of November 10, 2021, there are approximately 74,863,439,905 tether (USDT). “We’re excited to launch USDT on Avalanche, offering its growing and vibrant community access to the most liquid, stable, and trusted stablecoin in the digital token space,” Paolo Ardoino, the CTO at Tether remarked during the announcement.
Tether is already issued on blockchain networks such as Omni Layer, Ethereum, Algorand, Bitcoin Cash, EOS, Liquid, Solana, and Tron.
“For those who believe in the development of Layer-1 blockchain platforms Avalanche represents an evolved project that boasts Ethereum Virtual Machine compatibility and could be an essential driver for developers looking to port decentralized applications over from Ethereum,” Ardoino added.
The second largest stable coin by market cap, the USD Coin (USDC) is also expected to be issued on a myriad of different blockchain networks. USDC has a market valuation of around $34.6 billion and there’s $145 billion in stablecoins today.
The tether (USDT) and the USD coin (USDC) dominate the market in terms of market capitalization. Today, the tethers in circulation represent 51% of the $145 billion stablecoin economy.
