Stablecoin issuer Tether has launched USDT on Solana blockchain, SOL price increased by as much as 50%

Stablecoin issuer Tether has just released USDT on Solana – Layer 1 blockchain that the developers claim is faster and cheaper than Ethereum.

Stablecoin issuer Tether has launched USDT on Solana blockchain.

A spokesman from Tether said:

“Solana can help users trade USDT at speeds greater than 50,000 transactions/second (TPS), usually with fees below $ 0.00001 per transaction.”

Putting on the comparison table, it can be seen that Ethereum’s current capacity is only about 15 transactions per second. Meanwhile, average fees are currently around $ 2.65 per transaction.

Lately, significant companies are increasing the adoption of cryptocurrencies, especially with a new name like SOL. Last month, crypto exchange FTX launched its decentralized exchange, Serum on Blockchain Solana. At the time, FTX CEO Sam Bankman-Fried called Solana a great project and claimed that Solana was 10,000 times faster and 1,000,000 times cheaper than Ethereum.

In addition to its integration into Solana, Tether now works on eight blockchains. Including Algorand, Ethereum, EOS, Liquid Network, Omni, OMG Network, and Tron.

Anatoly Yakovenko, founder and chairman of Solana Foundation, said:

“Tether integration was absolutely essential. USDT is the lifeblood of DeFi and an important pillar of the crypto community at large. Solana was originally designed to support thousands of transactions at Nasdaq speed. Today, with Tether’s support, Solana is finally capable of realizing that dream.”

USDT is one of the most used stablecoins in the DeFi sector. The top three DeFi protocols by total token lock value – Uniswap, Aave, and Curve – have a total of $ 863 million USDT in deposits as of press time.

Tether is planning to add support for more blockchains.

Tether Paolo Ardoino’s CTO shares:

“We can’t disclose names yet, because the due diligence is not finished yet. But we have three in the pipeline.”


Source: Binance

At press time, SOL prices are trading around $ 3.45, up almost 38% over the past 24 hours.

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