Tether Arrives to Bitcoin Cash Network
The world’s most widely used stablecoin Tether (USDT) has arrived to Bitcoin Cash network.
Global fight for safe havens caused an increasing interest in Tether in recent weeks, and now the stablecoin’s market cap tops $5.7 billion. Over $180 million was issued in recent days, preceding Bitcoin’s notable price surge in the past 24 hours.
Now Tether will be available on the Bitcoin Cash network. It is also available on Ethereum, Algorand, EOS, Liquid Network, Omni and Tron.
Bitcoin Cash has its own generic token called the Simple Ledger Protocol, which is BCH’s version of the ERC-20 token on Ethereum which fueled the ICO boom.
Around 3.64 billion USDT lives on Ethereum
Starting its way on the Omni layer protocol, the majority of Tether has moved to Ethereum which last year saw the network verging dangerously close to capacity. The trend has accelerated in recent weeks as the supply increased.
The Bitcoin Cash network has larger blocks and lower fees than Bitcoin itself. If a large part of Tether shifts to the Bitcoin Cash network, that may help lower demand on the Ethereum network and gas fees.
Paolo Ardoino, CTO at Tether, explained:
“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.”
Bitcoin Cash’s Bitcoin.com wallet was recently upgraded to allow its 10 million users to access SLP tokens with the app, which now will give them access to USDT as well.
Roger Ver, Executive Chair of Bitcoin.com, stated:
“It’s extremely exciting 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.”