Tether has announced the launch of its stablecoin, USDT, on the Bitcoin Lightning Network, expanding its usage across major blockchain solutions.
Expanding USDT Capabilities
Tether CEO Paolo Ardoino stressed the company's commitment to driving innovation within the Bitcoin ecosystem. Lightning Network, a popular layer-2 solution, has proven to be effective in facilitating fast and cost-effective Bitcoin transactions.
Stablecoin Development History
Launched in 2014, Tether's USDT was initially available on the Omni platform, one of the early attempts to scale the blockchain network. In 2018, USDT tokens became available on Ethereum using the ERC-20 standard, which led to their rapid expansion. In March 2019, Tether also announced the launch of a stablecoin version on the Tron's blockchain.
Supported Blockchains
As of now, the USDT token can be used on 17 blockchains, including Solana and Avalanche. The majority of tokens in circulation are on Ethereum and Tron, with market caps of $74.4 billion and $59 billion, respectively.
The launch of USDT on the Bitcoin Lightning Network marks a significant advancement in blockchain technology and demonstrates Tether's efforts to expand the usage of its stablecoins.
