Tether Stablecoin Expands Its Reach to Another Blockchain

Tether has announced the expansion of its USDT token to an eighth blockchain.

AccessTimeIconMar 11, 2021 at 3:59 p.m. UTC
Updated Sep 14, 2021 at 12:24 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.