Tether is bringing the USDt stablecoin to the Solana network. 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.
After the technical integration is complete, USDt holders will be able to exchange tethers at speeds greater than 50,000 transactions per second — often for less than $0.00001 per transaction — using the Solana network. 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.
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