Tether (USDT) Stablecoin Rolls Out on the Bitcoin Cash Blockchain Network via SLP
- Tether (USDT), the leading stablecoin within crypto markets, is now available on the Bitcoin Cash Network.
- This USD backed digital currency scaled to BCH as the more crypto users opt for stability amid uncertainty in oil markets and Coronavirus (COVID-19).
The demand for stablecoins has been on an uptrend in the past week surging Tether’s market cap to over $5.7 billion. As it stands, more than $480 million have been minted within the past weeks. These figures may continue rising especially with the move to leverage BCH’s Simple Ledger Protocol (SLP). The SLP is basically Bitcoin Cash generic token and fuels this network just like ERC-20 tokens do within Ethereum’s ecosystem.
Prior to the BCH launch, Tether (USDT) was already available on Tron, Omni, Liquid Network, EOS, Algorand, and Ethereum. This stablecoin began its journey on the Omni layer protocol but later shifted most operations to Ethereum’s network. However, some shortcomings like scaling options forced Tether to leverage more platforms as the market grows.
The BCH network is known for its lower fees and larger blocks compared to Bitcoin. Therefore, Tether is optimistic that leveraging this capacity will improve the stablecoin’s efficiency and value. The company’s CTO, Paolo Ardoino, highlighted that;
“A key strength of Tether is that it is underpinned by a rich diversity of different blockchains. Our latest collaboration with Bitcoin Cash will provide Tether with a variety of benefits.
We expect the adoption after launch to be pretty easy for any integrator. The launch will also support more applications on the Bitcoin Cash chain, with Tether facilitating payment for these applications.”
Given this development, Bitcoin Cash users will be more exposed to USDT via the network’s app. This platform was upgraded recently to allow participants access to the SLP native token. Bitcoin Cash Chair, Roger Ver, noted that it is exciting that the world’s largest stablecoin will start using BCH blockchain including Bitcoin.com wallets.