Paolo Ardoino, the Tether CTO, has reported that the blockchain-based cryptocurrency will launch its USDT token in mid-June on the Avalanche network. This launch will make Tether the 9th blockchain to operate on Avalanche.
Tether USDT has quickly come up in the crypto world as it offers less volatility in comparison to popular sector players such as Ethereum and Bitcoin. It currently has a market cap of $44.5 billion, which is a massive leap from its value in 2014 when it was launched, which was less than $1 million. It also offers a faster and cheaper alternative for trading.
Ethereum, which had its moment of glory, is at a disadvantage because it has high gas fees. Paolo said that if this did not change, USDT would likely continue to overtake Ethereum.
The Avalanche network has continued to attract more users because of its low fees, super-fast transaction times, and high output. It is believed to have the capacity to manage up to 4500 transactions per second.
This launch enables Tether to work on 9 other blockchains, which include Algorand, Avalanche, Ethereum, Omni, Tron, Solana, Liquid Network, and Simple Ledger Protocol.
The stats show that in April 2021,USDT had generated $105 billion, leaving a big gap between itself, Bitcoin at $50 billion and Ethereum at $20 billion.