Tether (USDT) stablecoin on the Avalanche network
Tether (USDT) integration into the Avalanche network
The issuing company Tether issued its stablecoin on the Avalanche blockchain in May 2021. Avalanche became the ninth blockchain to support the USDT stablecoin on its network. USDT has been issued in blockchain protocols before:
Since then, the number of supported blockchains for USDT stablecoin has continued to expand actively.
Avalanche is one of the leading blockchain platforms, providing smart contract-based infrastructure for creating decentralized applications (DApps) and blockchains. Therefore, the Avalanche network is categorized as a zero-tier blockchain.
One of the main reasons for the launch of USDT stablecoin in the Avalanche network was the rapid growth of its ecosystem. In 2021, against the decentralized finance (DeFi) boom backdrop, the total value of Avalanche's blockchain assets (TVL) grew more than 30 times in just three months, from $300 million to $10 billion.
Avalanche provides its standard for issuing tokens, called ASC-20, similar to other well-known standards, such as ERC-20 or BEP-20. This, in particular, has made it possible to issue stablecoins such as USDT, USDC, and many others on the Avalanche network.
How many USDT tokens are on the Avalanche network?
According to monitoring service CoinMarketCap, more than 1.54 billion USDT tokens are on the Avalanche network, which is about 1.2% of the total stablecoin issuance as of September 2024.
That's a pretty significant number. For example, the Solana network, which far surpasses Avalanche in capitalization, has a slightly larger number of USDT tokens — 1.88 billion.
Benefits of the Avalanche network for users and owners of Tether stablecoin
Avalanche is a productive blockchain that provides fast and cheap cryptocurrency transactions. According to monitoring service Token Tool, the average commission cost on the Avalanche network as of September 2024 was just over one cent (~0.013). This makes the network highly demanded for transactions, including USDT transactions.
In addition, Avalanche has a somewhat developed DeFi ecosystem, due to which users can access a large number of financial services provided by decentralized protocols such as:
- decentralized exchanges (DEX) Uniswap and Balancer;
- Aave credit protocol;
- GMX cryptocurrency trading exchange;
- Stargate cross-chain bridge that allows crypto assets to be transferred between different networks.
Tether (USDT) supported wallets in the Avalanche network
Avalanche is quite a popular blockchain platform, so tokens in this network support many well-known cryptocurrency wallets, such as:
- MetaMask;
- Core Wallet;
- Trust Wallet;
- Ledger (hardware);
- Atomic Wallet;
- Tangem (hardware);
- Zerion;
- Rabby.
Where can I buy USDT on the Avalanche network?
There are many options to exchange currencies and crypto assets for Tether tokens in ASC-20 format, such as:
- through centralized exchanges (CEX);
- online exchanges;
- on P2P platforms, which many exchanges provide;
- by direct purchase in a wallet (provided this option is available in a particular region);
- on decentralized exchanges with support for the Avalanche network, such as Uniswap and Balancer.
These options have peculiarities — the best solution is to study each one before choosing a specific one.