In a recent announcement today, the widely-used stablecoin tether (USDt) will be launched on Solana, a high-speed blockchain network. This would be the first time a stablecoin has been integrated with Solana and this move will now allow tether holders to exchange their USDt stablecoins at speeds greater than 50,000 transactions per second on the Solana network, the release stated.
Tether to be the first stablecoin to launch on Solana, an ultra high-speed Layer 1 Blockchain!
The collaboration between #tether and @solana will enable Institutions to trade $USDt at Nasdaq Speeds, confirming USDt’s pivotal role in supporting innovation in the crypto ecosystem. pic.twitter.com/QODNei7DZ8
— Tether (@Tether_to) September 9, 2020
Other than high-speed applications, the Solana team said in a blog that tether’s integration into their network would also facilitate the building of low-cost decentralized finance (DeFi) applications.
Currently, Tether (USDt) which also supports Algorand, Ethereum, EOS, Liquid Network, Omni, Tron and Bitcoin Cash’s Standard Ledger Protocol, is said to have a market cap worth $14 billion with trading volume.
Chief Technical Officer of Tether, Paolo Ardoino, said in a statement:
Our integration with Solana serves a growing ecosystem of projects that are now getting developed and launched on Solana, Serum being a notable example.
Project Serum (SRM), is a decentralized derivatives exchange that has trustless cross-chain trading which was built on Solana. Furthermore, the release stated that the blockchain network will soon be backed by FTX and Alameda Research, Torus, a seamless key management system, and Chainlink, a decentralized oracle network, who have all announced integrations with the Solana network.