Avalanche is designed as a highly scalable ecosystem, with the aim of delivering near-instant transaction finality while levying low transaction fees. It is compatible with Ethereum smart contracts and tooling, enabling Ethereum developers to quickly build high-performance decentralized apps (dApps).
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.
“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,” said Paolo Ardoino, CTO at Tether.
“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,” he added.
“USDt on Avalanche is an essential building block for DeFi users,” noted Emin Gün Sirer, Director of the Avalanche Foundation. “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,” he further explained.
The growing Avalanche ecosystem
Avalanche is growing at a rapid pace, hitting new all-time highs in user activity, including transaction volume, unique addresses (now over 670,000), and assets transferred from Ethereum to Avalanche over the Avalanche Bridge ($5.9 billion). Total Value Locked (TVL) has increased from $300 million in August to over $10B today, according to data from DeFi Llama.
USDt is the pre-eminent stablecoin with a market capitalization of over US $73 billion, having added US$47billion since January 1, 2021, a gain that is greater than the combined market capitalization of all rival stablecoins, combined.
In addition to the launch of USDt on Avalanche, it has been integrated directly with Bitfinex, enabling its users to access USDt with near-instant finality, and fees much lower than what they are used to paying today.
USDt works across a diversity of different blockchains, including Algorand, Bitcoin Cash’s Simple Ledger Protocol (SLP), Ethereum, EOS, Liquid Network, Omni, Tron, and Solana. Tether is driven to support and empower growing ventures and innovation in the blockchain space.