The highest digital asset by volume, Tether plans on launching USDT on Solana (SOL).
The beauty of digital assets is that they offer cheap, scalable, and fast. Those are the most common and primary features of blockchain digitalcurrencies. Solana (SOL) is also one of those cryptos that offer fast, secure, and censorship-resistant blockchain providing the open infrastructure required for global adoption.
Tether, the crypto asset pegged with USD, announced that it will be launching USDT tokens on the Solana network. The reason for picking Solana is the amazing transaction speed it offers. The integration will allow USDT users to utilize the amazing speeds of Solana with over 50K+ transactions per second. Moreover, the transaction is quite low as well, which is around $0.00001 per transaction.
The speed and low cost attract more users. And, most importantly, such efficiency is much needed in today’s modern tech world of DeFi.
Solana is one of the fastest growing blockchain networks and adding Tether to its platform will help its network grown even faster—among the masses. Tether that is the most traded digital asset—due to its stable price—will bring a handsome number of users to the Solana platform. Also, Tether is growing swiftly and is currently worth $38 billion, as the market continues to shine.
For Solana, this will facilitate the development of high-speed, low-cost applications, including those in the decentralized finance (DeFi) space. Tether, following the collaboration with Solana, has defined the blockchain network as ‘one of the fastest-growing blockchains by both market capitalization and use’.
Furthermore, Solana completed another integration on its platform. Civic, an AI-based KYC platform announced that it getting integrated on the Solana network. Civic highlighted their new journey with Solana will create a scale for mainstream consumption.
“With Solana, we’re making identity foundational to the blockchain and broader ecosystem that’s ready for the future and built to scale for mainstream consumption.”
A couple of weeks ago, Binance, the renowned crypto exchange worldwide, announced that itsusers can stake SOL tokens. While the users will also be given an annualized yield of up to 43.79%. Binance’s Solana offering is available on a first-come, first-served basis. Users have a predetermined lock-up time to stake Solana, which will go on for almost three months.
Big parties from the blockchain world are joining Solana in their journey, which is a great sign. The crypto network is working on its growth and focused onthe best projects in DeFi, Web3, and blockchain gaming choose to build on Solana for the long-term.
For investors, Solana (SOL) will bring more opportunities to make profits. It’s just the beginning and the market is starting to get into a much mature stage.