Tether, the venture behind the largest stablecoin by market cap, is now live on the Bitcoin Cash (BCH) network.
Tether is using the Simple Ledger Protocol (SLP) as the technical means for launching its tether stablecoins (USDT) on the BCH blockchain. Tether aims to match the price of the token consistently to the U.S. dollar at a ratio of 1:1 and backs its value with assets.
Directly running on the BCH blockchain, SLP enables users to issue and manage tokens of different types. Tether said the launch means that users of the Bitcoin.com wallet – which supports BCH and Bitcoin (BTC) – will be able to send and receive USDT via SLP tokens without other applications being required.
The stablecoin currently operates on the blockchains of Algorand, EOS, Ethereum, Liquid Network, Omni and Tron with a total market capitalization – total circulating units multiplied by spot price – of more than $5.6 billion, according to Tether Inc’s treasury data. But that still doesn’t seem to include any tokens on BCH.
“Our latest collaboration with Bitcoin Cash will provide Tether with a variety of benefits,” said Paolo Ardoino, Tether CTO. “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.”
Data aggregators such as Nomics, Messari and CoinMarketCap display differing data for Tether’s market cap.
Nick Gauthier, CTO and co-founder and Nomics, said the firm’s API now tracks Tether’s total liabilities. The firm is now displaying around $5.6 billion for USDT, matching Tether’s stated figure. Meanwhile, CoinMarketCap currently displays $4.6 billion while Messari is closer to Tether’s $5.2 billion figure.
Cryptolydian reported on Friday that, Tether Treasury has minted USDT worth $60 million for the third time in just two days. It had earlier printed USDT worth $180 million, injecting three different batches of USDT into the market at $60 million each.
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