Tether brings USDt stablecoin to the Solana network

By Pavithra R

Tether, the blockchain-enabled platform that powers the largest stablecoin by market capitalization, has announced a new initiative that will integrate Tether (USDt) into the Solana network.

Tether and USDt are vital pieces of infrastructure for any successful blockchain project and is one of the most important elements for cross-platform settlement. This strategic initiative is a significant step for Solana and will be instrumental in advancing the network. According to Solana, on completion of the integration it will be possible to exchange USDt at speeds greater than 50,000 transactions per second, often for less than $0.00001 per transaction marking a significant advance in high-speed decentralized finance (DeFi) applications. 

“Tether is the lifeblood of DeFi, and an important pillar of the crypto community at large. In order for developers to leverage the real potential of Solana, an integration with USDt was absolutely essential. 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,” said Anatoly Yakovenko of the Solana Foundation. 

Solana is an ultra-high-speed Layer 1 blockchain and is one of the fastest-growing blockchains by market capitalization and use. Project Serum, a fully functional decentralized exchange with trustless cross-chain trading backed by FTX and Alameda Research, Chainlink, the leading decentralized oracle network, and Torus, a seamless key management system, have all announced planned integrations with Solana.

“Our integration with Solana serves a growing ecosystem of projects that are now getting developed and launched on Solana, Serum being a notable example,” said Paolo Ardoino, CTO of Tether.

USDt plays a pivotal role in the cryptocurrency ecosystem, supporting technological innovation on a variety of blockchains. In addition to Solana, USDt also supports Algorand, Ethereum, Liquid Network, Omni, EOS, Tron, and Bitcoin Cash’s Standard Ledger Protocol.