Tether, the world’s largest stablecoin by market value, is now live on the Solana network.

  • In an announcement Thursday, Tether CTO Paolo Ardoino said he believes USDT's expansion to its eighth blockchain will support "a dazzling array of projects" in decentralized finance (DeFi), Web 3.0 and blockchain gaming.
  • Tether is already live on seven other blockchains – Algorand, BCH, EOS, Ethereum, Liquid Network, Omni and Tron – with a total market cap of at least $37 billion.
  • The stablecoin is linked 1:1 to the price of the U.S. dollar and widely used in cryptocurrency markets as a way to quickly move funds to and from assets and platforms without using traditional finance rails.
  • There have been controversies over the assets backing tether, with the issuing firm not providing regular professional audits.
  • 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.

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