Technical Collaboration Enables Institutions to Trade USDt at Nasdaq Speeds
ROAD TOWN, BRITISH VIRGIN ISLANDS, SEPT. 9, 2020 8:00 AM PST — Tether, the blockchain-enabled platform that powers the largest stablecoin by market capitalization, and Solana, the world’s first web-scale blockchain, today 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 $0.00001 per transaction—marking a major advance in the quest for high-speed decentralized 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,” said 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 realizing 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,” said Paolo Ardoino, CTO of Tether.
Solana is one of the fastest-growing blockchains by both market capitalization and use. Prominent projects such as Project Serum, a fully functional decentralized exchange with trustless cross-chain trading backed by FTX and Alameda Research; Torus, a seamless key management system; and Chainlink, the leading decentralized 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.
Solana is a high-throughput blockchain that is currently supporting 50–65k transactions per second and 400ms block times, without complex solutions like sharding or layer-two. As the world’s first web-scale blockchain, Solana will unlock a whole new class of performant applications and facilitate larger scale blockchain adoption. Utilizing a revolutionary innovation called Proof of History, Solana is drastically able to outperform any other existing layer 1 and provide fees at $0.00001 per transaction.
Created in October 2014, Tether was the first stablecoin in existence, and remained the sole stablecoin in the market until March 2018. Tether is disrupting the legacy financial system by offering a more modern approach to money. By introducing fiat currency-digital cash to the bitcoin and Ethereum blockchains, Tether makes a significant contribution to a more connected ecosystem by adding digital currency benefits, such as instant global transactions, to traditional currency and traditional currency benefits, such as price stability, to digital currency. With a commitment to full transparency and compliance, Tether is the most secure, fastest, and lowest cost way to transact with money.