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Tether

Tether

USDt is live on the Solana blockchain: the largest stablecoin by market capitalization can be exchanged at an unprecedented high speed and low cost.

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Tether brought the USDt stablecoin to the Solana network on March 11, 2021. The initiative was first announced on Tether’s website on September 9th, 2020.

USDt is the largest stablecoin by market capitalization and is one of the most widely used stablecoins in the DeFi sector. The top three most popular DeFi projects have USDt deposits totaling more than $863 million alone. Tether and USDt are critical pieces of infrastructure for any successful blockchain project and have been one of the most important elements for cross-platform settlement. This strategic initiative is a significant step for Solana and will be instrumental in advancing the network.

Solana's "high-speed" blockchain will allow holders of USDT to transmit their tokens quickly and cheaply – "often for less than $0.00001 per transaction", according to the announcement. Both are step-function improvements to the status quo. Speed and costs are two of the largest barriers holding back DeFi today. This new initiative will open up entirely new design space and use cases for stablecoins within the DeFi ecosystem.

Category
Stablecoin
Nov 11, 2021
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