Tether (USDT) Launches On Solana Network

Solana as the world’s first web-scale blockchain announced a new initiative that it will integrate Tether (USDT) into the Solana network. The initiative was first announced on Tether’s website on September 9th, 2020. According to Solana, after this partnership it will be possible to exchange USDT at speeds greater than 70,000 transactions per second often for less than $0.00001 per transaction marking a major advance in the quest for high-speed decentralized finance (DeFi) applications. USDT plays a pivotal role in the cryptocurrency ecosystem, supporting technological innovation on a variety of blockchains. In addition to Solana, USDT also supports Algorand, Ethereum, EOS, Liquid Network, Omni, Tron and Bitcoin Cash’s Standard Ledger Protocol.

Effect on DeFi market

Tether (USDT) is the life line of Decentralized Finance (DeFi) and it is an important pillar of the crypto community. Being a stable coin it is 1$ fixed. Speed and costs were the 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.

Our integration with Solana serves a growing ecosystem of projects that are now getting developed and launched on Solana, Serum being a notable example,” said Paolo Ardoino, said the CTO of Tether.

Solana is one of the fastest-growing blockchains by both market capitalization and use and case. Prominent projects such as Project Serum, a fully functional decentralized exchange with trustless cross-chain trading backed by FTX, Torus, a seamless key management system; and Chainlink, the leading decentralized oracle network, have all announced planned integrations with Solana within a year. Tether brings the world’s most trusted, stable, and liquid stablecoin into the Solana ecosystem, making it possible to build ultra high-speed, low-cost DeFi applications for the first time.