The USD pegged stablecoin has been minted on the high-speed blockchain months after announcing Solana as an issuer.
USDT comes to Solana
Tether, the US dollar-pegged stablecoin, has just been minted on the Solana blockchain, data from its blockchain explorer showed. The move came months after Solana was chosen to be an issuer of USDT.
Solana co-founder Raj Gokal confirmed the news in a tweet. “First Tether to USDt has officially minted on Solana! What a week,” he said.
Tether turned to Solana back in September 2020, a move away from its current (major) issuance on Ethereum. The latter network is infamous for being slow and charging high fees in its currency design, which may be solved after it completely shifts over to a Proof-of-Stake mechanism.
In a statement at the time, Solana co-founder Anatoly Yakovenko said that USDT was the “lifeblood decentralized finance and an important pillar of the crypto community at large,” referring to the huge number of applications and the billions of dollars in capital locked in DeFi apps.
He added at the time:
“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.”
Solana has been one of the hottest blockchain projects in 2020, backed by industry heavyweights like FTX founder Sam Bankman-Fried. The high-performance blockchain helps support crypto and blockchain builders around the world creating crypto apps that are highly scalable, with touted speeds of over 65,000 transactions per second.
Such speeds come at low fees as well—about $.00001 of a cent to be exact. This is made possible as the blockchain uses a consensus mechanism termed ‘Proof of History,’ that utilizes a high-frequency Verifiable Delay Function. The latter requires a specific number of sequential steps to evaluate, yet produces a unique output that can be efficiently and publicly verified.
As of mid-2020, the Solana Blockchain boasted over 50 global validators, who each staked their tokens and earned rewards by processing and verifying transactions via the Solana Blockchain Network.
Meanwhile, with the new Solana issuance, Tether is now available on a total of nine blockchains. The others are Algorand, Ethereum, EOS, Liquid Network, Omni, OMG Network, and Tron.
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Source: Stablecoin Tether gets minted on Solana blockchain for the first time