Tether says that its fiat-pegged stablecoin Tether (USDT) has gone live on the Solana blockchain.
Solana is “an open source project implementing a new, high-performance, permissionless blockchain” that is maintained by the Geneva-based Solana Foundation.
Solana protocol was created by Solana Labs, which is backed by investors such as Multicoin Capital, Slow Ventures, Foundation Capital, 500 Startups, and Abstract Ventures. Anatoly Yakovenko is the creator of Solana and Greg Fitzgerald is its principal architect.
Solana’s documentation states that it’s possible for a centralized database “to process 710,000 transactions per second on a standard gigabit network if the transactions are, on average, no more than 176 bytes.” The Solana team hope that one day they will achieve that “theoretical limit of 710,000 transactions per second.” Currently, Solana can process around 50,000 transactions per second.
In a press release shared with CryptoGlobe, Tether said that USDT also supports Algorand, Ethereum, EOS, Liquid Network, Omni, OMG Network, and Tron.
Anatoly Yakovenko, Co-Founder and CEO of the Solana Foundation, had this to say:
“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.
“Solana was originally designed to support thousands of transactions at Nasdaq speed. Today, with Tether’s support, Solana is finally capable of realizing that dream.”
As for Paolo Ardoino, CTO of Tether, he stated:
“Our integration with Solana serves a growing ecosystem of projects that are now getting developed and launched on Solana, Serum being a notable example.”
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