Tether (USDT) has recently made an announcement that it is going to be made available on the Avalanche network. A tweet shared on May 17 revealed the latest initiative of Tether to expand Ethereum to make the ninth addition of network options for traders to use.
Tether USDT to Launch on Avalanche Blockchain
In accordance with the announcement made by the Chief Technical Officer of the company, Paolo Ardoino, the launch is expected to occur in the month of June.
Moreover, the constantly increasing Ethereum network fees are most likely to preserve this trend.
In addition to this, the reason behind choosing the Avalanche Blockchain should be understood and appreciated as it has support for Ethereum Virtual Machine (EVM).
This, in turn, will be allowing the decentralized finance protocols to conveniently shift and along with that, take advantage of the faster transactions and comparatively lower charges.
Talking further about what makes Tether (USDT) a suitable candidate to be launched on the Avalanche blockchain is the system that Tether has, as it is compatible with the Ethereum Virtual Machine.
As described in the announcement, it was revealed:
“Avalanche has emerged as a hub in the nascent space of decentralized finance (Defi). Avalanche is compatible with Solidity, a high-level object-oriented programming language, primarily used on Ethereum. This enables Ethereum developers to quickly build decentralized apps (DApps).”
Avalanche’s Native Coin AVAX’s Price Movement and Stablecoin Market Status
At the time of writing this article, the total supply of the leading stable coin was around 58.5 billion and since the start of this year, the supply of the coin has spiked by over 178% from the mark of 21 billion.
The closest competitors of the coin are Circle’s USD Coin (USDC) and Binance USD (BUSD) being the second and third largest stable coin in the market by market capitalization.
AVAX, the native coin of Avalanche reacted strongly to this recent announcement and marked a 9% surge on the day to reach the mark of $37.53.