The world’s largest stablecoin by market value Tether USDT has launched on the Bitcoin Cash (BCH) network.
While the entire crypto space is experiencing bearish trends, Tether has recorded a significant increase in value. The stablecoin’s market cap is now more than $5.7 billion and about $180 million worth of USDT was created a few days ago.
According to a YouTube interview by Cryptofinder with Roger Ver made on Wednesday, March 18, 2020. The stablecoin will be making use of BCH Simple Ledger Protocol (SLP). The SLP is the generic token of BCH and is quite similar to Ethereum’s ERC-20 tokens. One of Tether’s main goals is to be valued at 1:1 with the United States dollars.
Bitcoin Cash is Tether’s seventh blockchain platform
BCH is the seventh blockchain on which USDT has home live. Joining the BCH ecosystem, USDT will be able to effectively issue tokens with SLP. The launch will also enable bitcoin.com wallet users to send and receive USDT using SLP without the need for third-party applications.
According to treasury data, Tether currently has a market cap of over $5.6 billion. Although Tether began its journey on Omni layer protocol, a large percentage of its mode is on Ethereum. With Ethereum quite close to maxing out last year, moving a substantial portion of Tether to Bitcoin Cash is a step in the right direction. BCH also allegedly has larger blocks and lower transfer fees, making it possible to send small amounts quickly.
Paolo Ardoino, Chief Technology Officer of Tether is optimistic about the launch of the stablecoin on BCH. Pointing out that the launch will yield various benefits. Among which is easy adoption and more applications on BCH blockchain, “with Tether facilitating payments for these applications”.
BCH’s also recently upgraded its Bitcoin.com wallet so as to create more room for its 10 million users to access SLP using the app. Users can now also gain access to USDT using the app too.
Speaking on the launch, Ger Ver said: It’s extremely exciting to hear that the world’s biggest stablecoin will be using the Bitcoin Cash Blockchain”. Adding that Bitcoin.com users all over the world “will be able to send and receive Tether using SLP tokens”.
Roger Ver, is the Executive Chair of Bitcoin.com.