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Tether’s USDT to Launch on Avalanche

The company behind the stablecoin also said that through an integration with Bitfinex, investors would have fast access to the token on the crypto exchange at low cost.

By Helene Braun
AccessTimeIconNov 10, 2021 at 3:00 p.m. UTC
Updated May 11, 2023 at 7:08 p.m. UTC
(Shutterstock)

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Tether is going live on the decentralized finance (DeFi) platform Avalanche, the company behind the largest stablecoin by market capitalization announced Wednesday.

  • Tether Operations Limited said that the launch of tether tokens (USDT) on Avalanche would “support the long-term growth and sustainability of the Avalanche network” while boosting stablecoin usage across the DeFi ecosystem.
  • The company also announced that users of the crypto exchange Bitfinex would be able to buy and sell USDT quickly and at lower fees than they currently pay.
  • Tether CTO Paolo Ardoino said in a statement that the company “was excited” to offer the Avalanche community access to the stablecoin. “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.
  • The highly scalable Avalanche ecosystem is compatible with Ethereum smart contracts and tooling. Avalanche’s user activity has skyrocketed this year, and the platform has over 670,000 unique addresses.
  • Tether, which has a market capitalization of $73 billion, most recently launched on Polkadot, Kusama and Solana, among other platforms.
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    Helene Braun
    Helene Braun

    Helene is a New York-based reporter covering Wall Street, the rise of the spot bitcoin ETFs and crypto exchanges. She is also the co-host of CoinDesk's Markets Daily show. Helene is a graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.

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