Bitcoin News and Finance Largest Stablecoin by Market Cap Tether Launches on the Avalanche Network Skip to main content

Largest Stablecoin by Market Cap Tether Launches on the Avalanche Network

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.

Comments

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Blogarama - Blog Directory