The world’s leading stablecoin by market cap, Tether, is now live on the Solana network.
Within an official announcement today on Thursday, Tether CTO Paolo Ardoino outlined that he believes USDT’s expansion to its 8th blockchain will support “a dazzling array of projects” in DeFi [Decentralized Finance], Web 3.0, and blockchain gaming.
The stablecoin is linked 1:1 to the worth of the USD and is widely utilized in cryptocurrency markets as to how to quickly move funds to and from assets and platforms without using traditional finance rails.
There are controversies over the assets backing tether, with the issuing firm not offering regular professional audits.
Solana’s “high-speed” blockchain will now permit holders of USDT to transmit their tokens quickly and cheaply – “often for fewer than $0.00001 USD per transaction,” consistent with the official announcement.