Tether is going live on the decentralized finance (DeFi) platform Avalanche, the company behind the largest stablecoin by market capitalization announced Wednesday.
- Tether Operations Limited said that the launch of tether tokens (USDt) on Avalanche would “support the long-term growth and sustainability of the Avalanche network” while boosting stablecoin usage across the DeFi ecosystem.
- The company also announced that users of the crypto exchange Bitfinex would be able to buy and sell USDt quickly and at lower fees than they currently pay.
- Tether CTO Paolo Ardoino said in a statement that the company “was excited” to offer the Avalanche community access to the stablecoin. He added: “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.”
- The highly scalable Avalanche ecosystem is compatible with Ethereum smart contracts and tooling. Avalanche’s user activity has skyrocketed this year, and the platform has over 670,000 unique addresses.
- Tether most recently launched on Polkadot, Kusama and Solana, among other platforms. It has a market capitalization of $73 billion.
