Technical collaboration enables institutions to trade USDt at Nasdaq speeds
Tether, a blockchain-enabled platform that powers the largest stablecoin by market capitalisation, and Solana, the world’s first web-scale blockchain, have announced a new initiative that will integrate tether (USDt) into the Solana network.
According to Solana, it will be possible to exchange USDt at speeds greater than 50,000 transactions per second—often for less than USD0.00001 per transaction—marking a major advance in the quest for high-speed decentralised finance (DeFi) applications.
“Tether is the life blood of DeFi, and an important pillar of the crypto community at large. In order for developers to leverage the real potential of Solana, an integration with USDt was absolutely essential,” says Anatoly Yakovenko of the Solana Foundation. “Solana was originally designed to support thousands of transactions at Nasdaq speed. Today, with Tether’s support, Solana is finally capable of realising that dream.”
“Our integration with Solana serves a growing ecosystem of projects that are now getting developed and launched on Solana, Serum being a notable example,” says Paolo Ardoino, CTO of Tether.
Solana is one of the fastest-growing blockchains by both market capitalisation and use. Prominent projects such as Project Serum, a fully functional decentralised exchange with trustless cross-chain trading backed by FTX and Alameda Research; Torus, a seamless key management system; and Chainlink, the leading decentralised oracle network, have all announced planned integrations with Solana within the last six months. Tether brings the world’s most trusted, stable, and liquid stablecoin into the Solana ecosystem, making it possible to build ultra high-speed, low-cost DeFi applications for the first time.
USDt plays a pivotal role in the cryptocurrency ecosystem, supporting technological innovation on a variety of blockchains. In addition to Solana, USDt also supports Algorand, Ethereum, EOS, Liquid Network, Omni, Tron and Bitcoin Cash’s Standard Ledger Protocol.