The largest stablecoin in the world has been launched on the Bitcoin Cash network.
Tether (USDT) has gained a lot of interest in recent weeks for its global safe haven flight and now has a market capitalization of over $ 5.7 billion. More than $ 180 million was minted in recent days, ahead of Bitcoin’s notable price hike in the past 24 hours.
USDT is now available on the Bitcoin Cash network. It is also available on Ethereum, Algorand, EOS, Liquid Network, Omni and Tron.
Bitcoin Cash has its own generic token, the Simple Ledger Protocol, the BCH version of the ERC-20 token on Ethereum that fueled the ICO boom.
While Tether started with the Omni layer protocol, the majority of USDT has shifted to Ethereum, where the network got dangerously close to capacity last year. The trend has accelerated in recent weeks as supply increased.
The Bitcoin Cash network has larger blocks and lower costs than Bitcoin itself. Moving a significant portion of Tether to the Bitcoin Cash network can help reduce demand on the Ethereum network and gas costs.
Paolo Ardoino, CTO at Tether said:
“A strong point of Tether is that it is supported by a rich diversity of different blockchains. Our latest partnership with Bitcoin Cash will bring several benefits to Tether. We expect post-launch adoption to be fairly straightforward for any integrator. The launch will also support more applications in the Bitcoin Cash chain, with Tether enabling payment for these applications. ”
Bitcoin Cash’s Bitcoin.com wallet was recently upgraded to give the 10 million users access to SLP tokens through the app, which now also gives them access to USDT.
Roger Ver, Bitcoin.com Executive Chair said:
“It is extremely exciting to hear that the world’s largest stablecoin will be using the Bitcoin Cash Blockchain and that the millions of Bitcoin.com wallet holders can send and receive Tether with SLP tokens.”