Bitcoin Cash network has launched the world’s largest stablecoin. Owing to the global exodus to safe havens, Tether (USDT) has seen a surge in interest in recent weeks, and now has a market cap greater than $5.7 billion. In the last few days, more than $180 million has been minted, preceding the unprecedented price surge in Bitcoin in the past 24 hours.
Now USDT is available on the Bitcoin Cash network. This can also be found at Ethereum, Algorand, EOS, Liquid Network, Omni and Tron.
Around 3.64 Billion USDT is on Ethereum
Although Tether began life on the Omni layer protocol, most of USDT switched to Ethereum, which last year saw the network shrinking dangerously close to ability. In recent weeks the pattern has intensified as supply increased.
The Bitcoin Cash network has greater blocks and fees that are smaller than Bitcoin itself. If a large proportion of Tether transfers to the Bitcoin Cash network, this will help to reduce competition on the Ethereum network and the fees for gas.
Tether’s CTO Paolo Ardoino said:
“A key strength of Tether is that it is underpinned by a rich diversity of different blockchains. Our latest collaboration with Bitcoin Cash will provide Tether with a variety of benefits. We expect the adoption after launch to be pretty easy for any integrator. The launch will also support more applications on the Bitcoin Cash chain, with Tether facilitating payment for these applications.”
Bitcoin Cash’s Bitcoin.com wallet has recently been upgraded to allow its 10 million users to access SLP tokens through the web, which now also allows them access to USDT.
Roger Ver, the Bitcoin.com executive chairman said:
“It’s extremely exciting to hear that the world’s biggest stablecoin will be using the Bitcoin Cash Blockchain and that the millions of Bitcoin.com wallet holders will be able to send and receive Tether using SLP tokens.”