- Tether set o be launched on the Solana Blockchain
- The move to add Tether is the first time a stablecoin will be launched on Solana
- This move will allow Institutions to trade USDT at Nasdaq speed
Cryptocurrency News Today – Tether has landed a fresh milestone. According to reports, the number one stablecoin has become the first stablecoin to be listed in the Solana Blockchain network. In an announcement made today by the Solana network, Tether (USDT) the widely-used stablecoin will be launched on the Solana Blockchain. The Solana network is renowned for being a high-speed Blockchain.
From the announcement, it was confirmed that this would be the first time for a stablecoin to be integrated into the Solana protocol. The move will allow USDT holders to exchange their tokens at Nasdaq speeds. Speeds higher than 50,000 transactions in every second on Solana.
Tether is the First Stablecoin to be Integrated Into Solana
The announcement came via a tweet from Solana. Here is how it was announced:
“Tether is going to be the first stablecoin to be integrated into the Solana Blockchain. Solana is an ultra-high-speed Layer 1 Blockchain network.”
The announcement also added that apart from exchanging Tether at high speeds, Solana will now be able to create low-cost DeFi (decentralized finance) apps. The firm said:
“The integration between the Tether stablecoin and Solana Blockchain will allow Institutions trade USDt at Nasdaq Speeds. Apart from high-speed apps, the Solana team believes tether’s integration into their Blockchain would facilitate the creation of low-cost DeFi (decentralized finance) apps.”
The move confirms the pivotal role of Tethers USDT in fully supporting innovation in the cryptocurrency space.
The Move is Part of a Growing Number of Projects Under Solana
Tether has seen its stock rise since the turn of the year. It has become the main stablecoin in the space of a few months. Currently, Tether, which also supports Algorand, Liquid Network, Omni, Tron, Ethereum, EOS, and the Standard Ledger Protocol of Bitcoin Cash, reportedly has a total market cap of $14 billion. Tethers Chief Technical Officer, Paolo Ardoino, remarked in a statement regarding USDT’s launch on Solana:
“Our integration with the Solana network serves a growing number of projects that are been developed and launched on the Blockchain. Serum is a notable example of such projects. SRM (Project Serum), is a decentralized derivatives exchange that offers trustless cross-chain trading built on the Solana network.”
Additionally, the release added that the Blockchain network will reportedly be backed by Alameda Research, FTX, Chainlink (a decentralized oracle network that has integrated with Solana), and Torus (a seamless key management system).