Tether launches USDT on Solana blockchain

Tether has announced the launch of the USDT stablecoin on the Solana blockchain.

Tether to be the first stablecoin to launch on Solana, an ultra high-speed Layer 1 Blockchain!

The collaboration between #tether and @solana will enable Institutions to trade $USDt at Nasdaq Speeds, confirming USDt’s pivotal role in supporting innovation in the crypto ecosystem. pic.twitter.com/QODNei7DZ8

— Tether (@Tether_to) September 9, 2020

“We are pleased to announce that Tether (USDT) will be the first stablecoin launched on Solana, a high-speed first-layer blockchain. According to Solana, USDT holders will be able to exchange tokens at speeds exceeding 50,000 transactions per second. The transaction fee, as a rule, does not exceed $0.00001,” the Tether website says.

In an interview with The Block, Solana Foundation head Anatoly Yakovenko called USDT lifeblood for DeFi and an important component for the entire crypto industry.

Following the news, Solana (SOL) rose by more than 30%, according to CoinGecko.

Tether’s chief technology officer Paolo Ardoino said the company plans to release USDT on several more blockchains. He did not specify which ones.

In addition to Solana, USDT has been issued on Algorand, Ethereum, EOS, Omni, Tron, in Blockstream’s Liquid sidechain and on the Standard Ledger Protocol by the Bitcoin Cash developers. The total circulating supply of the stablecoin stands at $14.5 billion.

Earlier, the crypto derivatives exchange FTX announced the launch of a DEX on the Solana blockchain.

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