Tether [USDT] Becomes The First Stablecoin To Launch In Solana Blockchain

Stablecoin issuer Tether Limited has announced the launch of the world’s most commonly used USDT stablecoin on Solana, which happens to be a layer-1 Proof-of-Stake[PoS] blockchain after a new technical integration with the Solana Foundation. Tether also claimed that the latest collaboration would allow institutions to trade USDT at Nasdaq Speeds.

Tether’s official blog post revealed,

“USDT’s integration into the Solana network will facilitate the building of ultra high-speed, low-cost decentralized finance [DeFi] applications. In addition to Solana, USDT also supports Algorand, Ethereum, EOS, Liquid Network, Omni, Tron, and Bitcoin Cash’s Standard Ledger Protocol.”

Following the completion of the integration on the blockchain, USDT holders will be able to exchange Tethers at speeds more than 50,000 transactions per second [tps] and the cost for which is often less than $0.00001 per transaction as compared to Ethereum which has a speed of 15 transactions per second, and an average fee is about $2.65 per transaction.

Talking about the new initiative, Paolo Ardoino, CTO of Tether stated,

“Our integration with Solana serves a growing ecosystem of projects that are now getting developed and launched on Solana, Serum being a notable example.”

Some of the prominent projects on Solana are Project Serum, a decentralized exchange  [DEX] with trustless cross-chain trading backed by FTX and Alameda Research; Torus, a key management system; and Chainlink, Currently, apart from the blockchain Solana, USDT has been previously launched in Algorand, Ethereum, EOS, Liquid Network, Omni, Tron, and Bitcoin Cash’s Standard Ledger Protocol.

USDT is the largest stablecoin by market cap and is also being widely used in the DeFi sector as it continued to be by far the most popular stablecoin across the board.

Along the same line, Anatoly Yakovenko of the Solana Foundation claimed that Tether is the “lifeblood of DeFi” as well as an important pillar of the crypto community at large.

Reena Shaw: Reena Shaw is a TWJ full-time writer on crypto-currency. A Journalism graduate, her research focuses on legislation and policy-making in the cryptocurrency market.