As per the latest reports, it has been announced by Tether that the USDT tokens have been launched. The stablecoin issuer has confirmed that the USDT tokens have been launched on the Solana (SOL) blockchain. The reports reveal that the deployment of the USDT tokens on the Solana (SOL) blockchain took place on Tuesday, March 9, 2021.
After the announcement of the USDT tokens launch on SOL blockchain, the chief technical officer at Tether talked about the significance of the launch of USDT tokens.
The chief technical officer at Tether confirmed that the USDT tokens have been integrated into the layer 1 blockchain. Having the USDT tokens integrated into the layer 1 blockchain means that the project will be able to offer users a wide range of products.
All the projects offered through the new platform would be for the decentralized finance sector. On top of that, the platform will also facilitate users with activities through the Web 3.0 system.
On several occasions, USDT has claimed that Solana (SOL) will prove to be a competitor for Ethereum. The platform aims to attract a huge audience towards its network and protocol and match the user volumes that are currently on the Ethereum (ETH) network.
The platform has stated that as of now, Eth2 is not fully operational and there are many investors currently waiting for the Eth2 to go live in order to benefit from the protocol.
Therefore, the launch of the USDT tokens through the Solana (SOL) blockchain would prove extremely advantageous for the platform. As there are many investors waiting for Eth2 to go live, it is the perfect opportunity to attract them towards its protocol.
Tether has confirmed why it has decided to go with the Solana blockchain in order to launch its USDT tokens. The platform has claimed that by launching their tokens through the Solana blockchain, they will be able to offer really high speeds to the users.
Through the Solana (SOL) blockchain, the users will be able to process transactions for the Tether (USDT) tokens at a rate of 50,000 transactions per second. This means that at full capacity the Solana (SOL) blockchain will be able to accommodate 3 million transactions in a minute and 4.32 billion transactions in 24 hours.
On top of that, the processing fee per transaction would also be very low as it would only cost $0.00001 per transaction. With the help of these features, the new platform will be able to offer an even more efficient solution to the users who are currently using Ethereum (ETH) network.
Tether has also revealed that it has already integrated with several blockchains. Some of the major blockchains Tether is integrated with include Tron, Omni, Liquid Network, EOS, Algorand, and Ethereum.