Tether’s USDT to Launch on Avalanche

Tether is going live on the decentralized finance (DeFi) platform Avalanche, the company behind the largest stablecoin by market capitalization announced Wednesday.

• Tether Operations Limited said that the launch of tether tokens (USDT) on Avalanche would “support the long-term growth and sustainability of the Avalanche network” while boosting stablecoin usage across the DeFi ecosystem.

• The company also announced that users of the crypto exchange Bitfinex would be able to buy and sell USDT quickly and at lower fees than they currently pay.

• Tether CTO Paolo Ardoino said in a statement that the company “was excited” to offer the Avalanche community access to the stablecoin. “For those who believe in the development of layer-1 blockchain platforms Avalanche represents an evolved project that boasts Ethereum Virtual Machine compatibility and could be an essential driver for developers looking to port decentralized applications over from Ethereum,” he added.

• The highly scalable Avalanche ecosystem is compatible with Ethereum smart contracts and tooling. Avalanche’s user activity has skyrocketed this year, and the platform has over 670,000 unique addresses.

• Tether, which has a market capitalization of $73 billion, most recently launched on Polkadot, Kusama and Solana, among other platforms.