First Tether (USDT) Minted on Solana; Stablecoin USDC Launched on Stellar
Stablecoin issues Tether first announced during the summer of 2020 that it had launched its USDT coin on Layer 1 blockchain Solana, which claims to be faster and cheaper than Ethereum.
Now, the first USDT has been finally minted on the Solana blockchain, as announced by Paolo Ardoino on Twitter late on Tuesday.
Tether, the dominant stablecoin in the market with a market cap of more than $27 billion, is supported on a number of blockchains, including Ethereum, Tron, EOS, Omni, OMG Network, Algorand, Liquid, and others, with support to be added for more blockchains as well.
Solana has seen growing adoption with crypto exchange FTX launching its DEX Serum on it a few months back. FTX chief executive Sam Bankman-Fried called Solana “awesome” at the time and said it is “10,000 times faster and 1,000,000 times cheaper than Ethereum.”
Another popular stablecoin USDC, with a market cap of about $6 billion, also supports Solana blockchain, and on Tuesday, it announced support for Stellar as well.
So happy to share that USDC is now live on Stellar! The integration of the world’s leading digital dollar stablecoin brings immense value to Stellar’s ecosystem, connecting and creating new business opportunities to optimize payments, especially cross-border transactions.
— Denelle Dixon (@DenelleDixon) February 2, 2021
Stellar blockchain is now fully integrated across all the Circle products. This will help bring USDC to “billions of people around the world” and swap and exchange instantly for Brazilian Real, Argentinian Peso, Nigerian Naira, Euro, and South African Rand. Jeremy Allaire, co-founder & CEO of Circle said,
“Not only will this unlock new on-chain FX markets, but it will help people across the world, including in emerging markets, to access the power of digital dollars, and have seamless convertibility with local stablecoins.”