Fun

Largest Stablecoin by Market Cap Tether Launches on the Avalanche Network

News Feed - 2021-11-11 05:11:36

Largest Stablecoin by Market Cap Tether Launches on the Avalanche Network


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’s more than 74.8 billion tethers 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 it will support Avalanche-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). “Tether’s token’s launch on Avalanche will aim to support the long-term growth and sustainability of the Avalanche network while driving stablecoin usage across the defi ecosystem,” the company explained on 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, time-tested stablecoin with extensive support throughout exchanges. It will be even more powerful with Avalanche as its foundation,” the Avalanche Foundation director added.


Over the last 30 days, the native asset on the Avalanche chain (AVAX) has increased in value by 59.9%, and year-to-date, AVAX has swelled by 2,554% in value. Statistics from defillama.com’s defi dashboard show Avalanche has $10.45 billion total value locked in defi protocols today.


Tether’s reserve transparency page notes that as of November 10, 2021, there’s approximately 74,863,439,905 tether (USDT) in existence. “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 stablecoin by market capitalization, usd coin (USDC) also has plans 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.


Both tether (USDT) and usd coin (USDC) dominate the market in terms of market capitalization. Today, the tethers in circulation represent 51% of the $145 billion stablecoin economy.


What do you think about the stablecoin tether (USDT) launching on the Avalanche network? Let us know what you think about this subject in the comments section below. Latest West Africa Art Fair Features NFTs, Organizers Highlight Importance of Blockchain ALTCOINS | 1 day ago Stablecoin Valuations Continue to Swell, MIM and MUSD Market Caps Increase by Triple-Digits in 30 Days ALTCOINS | 4 days ago Tags in this story Algorand, Avalanche, Avalanche Foundation, Avalanche network, AVAX, bitcoin cash, Emin Gün Sirer, EOS, Ethereum, Liquid, Omni Layer, Paolo Ardoino, Solana, Stablecoin Tethers, Tether, Tether Limited, tron, usd coin, USDC, USDT, USDT AVAX


Image Credits: Shutterstock, Pixabay, Wiki Commons, AVAX logo, Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Bitcoin Breaks Falling Wedge – Is $110,000 The Next Stop?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Tom Blackstone5 hours agoFantom Foundation hot wallet hacked for $550KThe Fantom Foundation lost $550,000 worth of cryptocurrency through a vulnerability in the official Fantom wallet.2266 Total views27 Total sharesListe
Travelbybit to Drop Bitcoin Payments After Viral Double Spend Video
Travelbybit to Drop Bitcoin Payments After Viral Double Spend Video On December 18, Bitcoinbch.com published a video explaining how easy it is to double spend BTC transactions in
Lido’s Staked Ethereum Token STETH Reaches $10.3B Market Capitalization, Ranks Ninth by Market Valuation
Lido"s Staked Ethereum Token STETH Reaches $10.3B Market Capitalization, Ranks Ninth by Market Valuation With the crypto economy experiencing significant gains over the past week a
Bitcoin, Ethereum Technical Analysis: ETH Stays Above $2,900 as Traders Eye $3,000 Ceiling 
Bitcoin, Ethereum Technical Analysis: ETH Stays Above $2,900 as Traders Eye $3,000 Ceiling  Ethereum remained above $2,900 to start the week, as the world’s second largest
Zhiyuan Sun8 hours agoNear Foundation treasury drops to $900M as token price plungesThe $200 million decline was mostly due to a drop in the price of Near tokens, in line with the crypto bear market.2553 Total viewsListe
‘The Only Way to Truly Scale Blockchains Is to Parallelize Processing’ Says Piers Ridyard
"The Only Way to Truly Scale Blockchains Is to Parallelize Processing" Says Piers Ridyard Despite being touted as the possible panacea, decentralized finance (defi) still faces obs
Elon Musk, Tesla, Spacex Facing $258 Billion Lawsuit for Promoting Dogecoin
Elon Musk, Tesla, Spacex Facing $258 Billion Lawsuit for Promoting Dogecoin Elon Musk, Tesla, and Spacex are being sued for $258 billion over claims that they “are engaged i
Report: South Korean Prosecutors Seek Software to Track and Monitor Crypto Transactions
Report: South Korean Prosecutors Seek Software to Track and Monitor Crypto Transactions South Korean prosecutors investigating a $7.22 billion money laundering case are reportedly
Chainlink co-founder expects more coins to have ETFs — Token2049
Ezra Reguerra3 hours agoChainlink co-founder expects more coins to have ETFs — Token2049Chainlink co-founder Sergey Nazarov believes the crypto space will “keep pushing the limits” of what’s possible.808 Total vi
Basel Committee finalizes crypto exposure rules for banks
Derek Andersen2 hours agoBasel Committee finalizes crypto exposure rules for banksThe committee is unveiling the standards later in July, culminating a yearslong process.485 Total views3 Total sharesListen to article 0:0
US Central Bank Hikes Benchmark Rate by 75 bps, Fed’s Largest Increase Since 1994
US Central Bank Hikes Benchmark Rate by 75 bps, Fed"s Largest Increase Since 1994 The U.S. Federal Reserve raised the federal funds rate by 75 basis points (bps) on Wednesday, and