The world’s biggest stablecoin, Tether’s USDT, just launched on the Bitcoin Cash blockchain network and seen a massive surge of interest in recent weeks because of the haven status. Tether reached a market cap of $5.7 billion, and now more than $180 million was minted over the past week surpassing Bitcoin’s price increase in the previous 24 hours.
Crypto community can now find USDT on the Bitcoin Cash Network. However, it’s also available on popular networks like Ethereum, Algorand, EOS, Liquid Network, Omni, and Tron.
Bitcoin Cash has a generic token called the simple ledger protocol, which is the BCH version of the ERC-20 symbol on the Ethereum platform that was launched during the ICO boom.
About 3.64 billion Tether (USDT) is on Ethereum
Tether began its life on the Omni layer protocol while the majority of the USDT remained on the Ethereum network, which last year saw the system dangerously reaching its capacity. The trend sped up over the recent weeks as the supply increased.
The Bitcoin Cash network has even bigger blocks, and low fees than Bitcoin itself, and a significant proportion of Tether moved to the Bitcoin Cash network, which could help reduce demand on the ETH network and the prices.
The CTO of Tether Paolo Arduino said:
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.
The Bitcoin.com wallet of Bitcoin Cash was recently upgraded to make it possible to enable the 10 million users to access the SLP tokens with the app help and will now provide them access to the Tether too.
Roger Ver, who is the executive chair of Bitcoin.com, commented:
It’s fascinating to hear that the world’s biggest stablecoin will be using the Bitcoin Cash Blockchain and that the millions of Bitcoin.com wallet holders will be able to send and receive Tether using SLP tokens.