Following Roger Ver‘s announcement a while back, the official news finally arrives: the stablecoin Tether (USDT) arrives on Bitcoin Cash thanks to the Simple Ledger Protocol (SLP).
This system allows creating tokens on the BCH blockchain.
Paolo Ardoino, CTO of Tether and Bitfinex, 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”.
Roger Ver, Executive Chairman of Bitcoin.com, said:
“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”.
The announcement of the arrival on Bitcoin Cash comes after that Tether had already received support from Algorand, Ethereum, EOS, Liquid Network, Omni and TRON.
Tether, in fact, wants to make its stablecoin as user-friendly as possible, creating “copies” on all the blockchains, achieving a sort of interoperability.
At the moment Tether is the most used stablecoin in the world, both in its USDT version, the US dollar version, and the gold version, Tether Gold (XAUT). Moreover, recently, due to the high volatility of the crypto markets and perhaps the Coronavirus, the stablecoin sector is setting new records, exceeding 5 billion of capitalization.
Circle and its USDC stablecoin has also experienced growing demand with 568 million tokens currently in circulation.
However, this does not affect all stablecoins since DAI, for example, has dropped below 100 million in recent weeks, but probably due to other problems that are affecting the DeFi sector.
