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The company behind the most popular stablecoin USDT, Tether has announced that it has executed the launch of its coin on Solana. For all those who are unaware of Solana, it is a blockchain platform that is a competitor of Ethereum. In a press release shared by Tether, it said that Solana will help its users to exchange USDT at greater speeds than 50,000 tx/s for less than $0.00001.
Source: Twitter
Tether has announced this major partnership with Solana and it will be integrating USDT into the Solana network to optimally leverage its low costs and high speeds. Tether’s ulterior motive to put USDT onto its eight blockchain platform it the enviable throughput on Solana. The company has claimed that it can support between 50k to 60k transactions per second at 400ms block times and for fees as low as $0.0001 per transaction. This promise is something that Tether has been seeking for a long time.
In one of the interactions with the CEO of Solana, Anatoly Yakovenko, he said that the platform was originally designed to support thousands of transactions at Nasdaq speed and it is with the support of Tether that this will be achieved.
“Tether is the lifeblood of DeFi and an important pillar of the crypto community at large. In order for developers to leverage the real potential of Solana, an integration with USDT was absolutely essential.”
The collaboration with Tether might not be a big thing for the stablecoin as it already has its presence on Ethereum, EOS, Liquid Network, Omni, OMG Network, Algorand, and Tron, but it sure is a major breakthrough for Solana. Solana is not very old, and the year-old company is one of the fastest-growing blockchains both by market capitalization and the user base. In fact, its association with USDT which is the most popular stablecoin is by far the most prestigious projects it has helmed in DeFi.
For Solana, this will be the second premium project in 2 months. Last month, Project Serum, a cross-chain decentralized exchange developed by FTX and Alameda research was launched on Soana. Solana has also decided to accelerate its growth process by integrating with key management system Torus as well as the biggie Chainlink, one of the biggest Oracle networks industry has seen so far.
Paolo Ardoino, the CTO of Tether and Bitfinex, has recognized this latest development and believes that this partnership has something great in store for the future of DeFi. They believe it will surely facilitate the platform’s growing 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.”
Now with Tether added to its network, it becomes possible to build ultra-high-speed and low-cost DeFi applications on Solana. The company said in its release that USDT plays an enormously important role in the market and associating with it has been a great strategic move.