Tether comes on Avalanche, which is one of the most widely used blockchains in the decentralized finance (DeFi) sector.
Tether integration on Avalanche
This integration will be possible directly with Bitfinex. The exchange will allow its users to access the USDT almost immediately and with lower fees.
Avalanche has become one of the most widespread Layer 1 blockchains in the DeFi sector with a TVL of almost $ 270 billion across 40 DEX and lending protocols. Tether is firmly at the top of the stablecoin list with a market capitalization of over $ 75 billion.
The announcement of the launch of USDT tokens on Avalanche was made in May. Finally, this possibility is now becoming a reality.
“Tether is pleased to announce the launch of Tether Tokens on Avalanche, which will work with the ecosystem of DeFi applications and developers in a fast-growing network.”
Avalanche presents itself as an ecological and cheap blockchain, which is mainly used to create dApps. Its ecosystem boasts solid, well-established projects, including SushiSwap, Chainlink, Circle and The Graph.
Thanks to Tether’s integration, USDT will focus on decentralized finance, many applications and use cases that use Avalanche.
These are good times for Avalanche. A $ 200 million fund called Blizzard was launched a few days ago to fund blockchain growth. The fund aims to focus on three sectors:
- Institutional applications,
Emin Gün Sirer, director of the Avalanche Foundation, explained:
“The last two months have seen incredible growth across Avalanche, with users, resources and applications growing at record speeds. Blizzard will play a key role in further accelerating this growth and consolidating Avalanche’s position as a leading blockchain for projects and people who are pioneers of another era in our sector. ”
This uproar also led to an increase in the price of the AVAX token.
Tether, market capitalization on the rise
As far as Tether is concerned, market capitalization continues to grow, which has already exceeded $ 75 billion, while the number of use cases and integrations is increasing, as evidenced by the above support.
This allows it to expand its ecosystem. Tether is already present on other blockchains such as Algorand, Bitcoin Cash’s Simple Ledger Protocol (SLP), Ethereum, EOS, Liquid Network, Omni, Tron and Solana.