Tether’s stablecoin is minted on Solana for the first time ever as the blockchain explorer showed so we are reading more about it in today’s Tether news.
Tether is the US-dollar pegged stablecoin which was just minted on the Solana blockchain according to the data from the blockchain explorer. The move came a few months after Solana was chosen to be the issuer of the stablecoin. Raj Gokal, the co-founder of Solana confirmed:
“First Tether to USDt has officially minted on Solana! What a week.”
Tether turned to Solana back in 2020 which is a move away from its issuance on Ethereum. The latter network became infamous for being quite slow and imposing high fees in its design which could be solved after it moves to the Proof of stake mechanism. In a statement at that time, Solana’s co-founder Anatoly Yakovenko said that USDT was the “lifeblood decentralized finance and an important pillar of the crypto community at large” regarding the huge number of applications and billions of dollars in capital that was locked in DeFi apps:
“Solana was originally designed to support thousands of transactions at Nasdaq speed. Today, with Tether’s support, Solana is finally capable of realizing that dream.”
Solana was one of the best blockchain projects in 2020 and was backed by many industry heavyweights like Sam Bankman Fried, the FTX founder. The high-performance blockchain helps support crypto and blockchain builders worldwide by creating crypto apps that are highly scalable and have a speed of over 65,000 transactions per second. This speed comes at low fees as well of $.00001 of a cent. This was possible because the blockchain uses a consensus mechanism “Proof of History” which utilizes a high-frequency Verifiable Delay Function that requires the number of steps to evaluate and process a unique output that can eventually be verified.
— Raj Gokal (@RajGokal) February 2, 2021
As of 2020, the Solana blockchain boasted more than 50 global validators that staked their tokens and earned rewards by processing the transactions via the Solana Blockchain Network. in the meantime, Tether’s stablecoin is minted on Solana for the first time and it is officially available on nine blockchains including EOS, Omni, Tron, Ethereum, Algorand, and OMG.
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